Question
greetings, I am having trouble understanding what this question is asking for and this was all the information that was given. Suppose that a large,
greetings, I am having trouble understanding what this question is asking for and this was all the information that was given.
Suppose that a large, perfectly competitive, low-tech-producing economy imposes a tariff on high-tech imports in response to concerns about the declining terms of trade. Draw two graphs, showing consumer and producer surplus in the domestic market for high-tech goods (a) before the tariff is imposed and (b) after the tariff is imposed. On graph (b), also show the deadweight loss and government revenue associated with the tariff. Assume that the tariff is not prohibitive (there are still some imports, even with a tariff) and that the country would produce some small quantity of high-tech goods even without a tariff. Define any abbreviations you use.
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