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Please explain thoroughly with written examples/ graphs as well as all the work shown! The market demand and supply for t-shirts (in millions) have been

image text in transcribedPlease explain thoroughly with written examples/ graphs as well as all the work shown!

The market demand and supply for t-shirts (in millions) have been estimated to be QD=402PandQS=(2/3)P T-shirts are imported into the United States at the current world t-shirt price of $9. a. If there are no trade restrictions on t-shirts, how many t-shirts will be imported into the US? b. If the US imposed a tariff of $3 per t-shirt, how would the level of imports change and what would the price of t-shirts be in the US? c. Calculate the deadweight loss associated with the tariff. The market demand and supply for t-shirts (in millions) have been estimated to be QD=402PandQS=(2/3)P T-shirts are imported into the United States at the current world t-shirt price of $9. a. If there are no trade restrictions on t-shirts, how many t-shirts will be imported into the US? b. If the US imposed a tariff of $3 per t-shirt, how would the level of imports change and what would the price of t-shirts be in the US? c. Calculate the deadweight loss associated with the tariff

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