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I understand better with supplementary graphs, please include a graph with your explanation. The table above gives the domestic supply of, and demand for, cheese
I understand better with supplementary graphs, please include a graph with your explanation.
The table above gives the domestic supply of, and demand for, cheese in the United States.
The world price of cheese is $12 per pound, and trade is unrestricted.
How many pounds of cheese are consumed, produced and imported in the U.S.?
Now, from the above situation of free trade, a $3 per pound tariff is imposed. a complete analysis would be much appreciated.
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