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Question 3 Suppose that you have been appointed as an advisor to the Malaysian government on matters related to international trade. The government is considering

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Question 3 Suppose that you have been appointed as an advisor to the Malaysian government on matters related to international trade. The government is considering whether to impose an import tariff or quota to protect domestic automobile industry. Evaluate the similarities and differences between import tariff and import quota when there is an increase in supply for the product. Use appropriate diagram/s in your analysis. [25 marks]

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