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The model (graph) below represents a small country trade of good X after the government decided to impose tariffs on imports. Consider the case of

The model (graph) below represents a small country trade of good X after the government decided to impose tariffs on imports. Consider the case of trade after tariffs. Please answer the following questions:

  • What area(s) represent the loss of surplus to producers?
  • What area(s) represent government revenue?
  • Describe the impact of a tariff on social welfare. Refer to the graph to support your answer.

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S A Price PW+ B C D E Pw G D Qs Us,t OD,t Quantity

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