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What do areas F and I represent in an open economy with tariff vs without tariff? What does area E represent in an open economy
- What do areas F and I represent in an open economy with tariff vs without tariff?
- What does area E represent in an open economy with tariff vs without tariff?
- How much would be the deadweight loss (in terms of letters used in the video) if there is a $50 tariff (instead of $20 in the video)? Why?
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