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The model (graph) below represents a small country trade of good X after the government decided to impose tariffs on import. Consider the case of
The model (graph) below represents a small country trade of good X after the government decided to impose tariffs on import. Consider the case of trade after tariffs. Please answer the following questions: o What area(s) represent the gain of surplus to producers? o What area(s) represent government revenue? 0 What area(s) represent the loss of surplus to consumers? o What area(s) represent consumers surplus? o What's the quantity imported? 0 Describe the impact of a tariff on social welfare. Refer to the graph to support your
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