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Problem 1: Refer to above figure. a. In the absence of trade, what is the country's consumer surplus? b. What is the loss of Consumer
Problem 1: Refer to above figure. a. In the absence of trade, what is the country's consumer surplus? b. What is the loss of Consumer Surplus due to the tariff? c. In the absence of a tariff and in the presence of trade, what is the country's consumer surplus? d. Given a tariff of $3 per unit, what is the country's consumer surplus? e. What is the total dead weight loss? f. What is the amount of government revenue resulting from imposition of the tariff
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