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): Consider the use of export ban on medical products in a small open economy. Use a domestic-market graph to show: (a)the effect of the
): Consider the use of export ban on medical products in a small open economy. Use a domestic-market graph to show:
(a)the effect of the export ban on domestic price, domestic demand, domestic supply, consumer surplus, producer surplus, and total welfare;
(b)What is the effect of the export ban on foreign consumers? Illustrate the answer graphically.
(c)What other consequences could arise as a result of the export ban?
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