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QUESTION 3: Suppose that the free-trade price of a good is $12 and a 10 percent ad valorem tariff is put in result, domestic production

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QUESTION 3: Suppose that the free-trade price of a good is $12 and a 10 percent ad valorem tariff is put in result, domestic production in a small country rises from 2000 units to 2300 units and impor 600 units to 200 units. Who are the winners and losers? What is the size of their gains What is the net effect on society

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