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Consider a small open economy that imposes a tariff on imports for Jetskis. a) Use a graph of import demand and export supply to show:
Consider a small open economy that imposes a tariff on imports for Jetskis. a) Use a graph of import demand and export supply to show: the gains from trade (vs. autarky), the tariff revenue, and the deadweight loss ( explain why there is a revenue gain and a dead-weight loss
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