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Consider the market for avocados. The domestic demand and supply are: Q d = 1,000 - 10P and Q s = 150 + 75P a)

Consider the market for avocados. The domestic demand and supply are:

Q_d = 1,000 - 10P and Q_s = 150 + 75P

a) If the world price is $2, how many avocados are produced domestically and how many are imported? What is the overall change in welfare?

b) If the government now imposes a $4/unit tariff on avocadoes. Find new domestic production, imports, government revenue and deadweight loss.

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