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Urgent! Please Help! f(3 points) (c) What do we mean by a Market Failure and a Deadweight Loss? Use the gure above to illustrate. Market

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\f(3 points) (c) What do we mean by a Market Failure and a Deadweight Loss? Use the gure above to illustrate. Market Failure Deadweight Loss (4 points) ((1) How would your answers to (b) change if the country were an importer? EG; the world price was below autarchy prices. Discuss both how output, consumption, and damages change but also how net welfare changes. PRICE Simply QUANTITY (5 points) (e) Go back to part (b) with the negative production externality. Show and explain Why a production tax can guarantee that the country always prefers Free Trade to Autarchy. Give the details and explain whylow the tax works

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