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Calculate and discuss the welfare effects of a tariff on a small country where: P =$100, t =10%, D1 = 5,000, S1 = 2,000, elasticity

Calculate and discuss the welfare effects of a tariff on a small country where: P =$100, t =10%, D1 = 5,000, S1 = 2,000, elasticity of D = 2.0 and elasticity of S = 1.5

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