A large country's demand curve is given by Q=20-P and its supply curve is given by Q=(P/2) - (5/2). Assume the initially the world is in free trade...

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A large country's demand curve is given by Q=20-P and its supply curve is given by Q=(P/2) - (5/2). Assume the initially the world is in free trade and the world price under free trade is $6. Now assume that, when a specific tariff of $2 is introduced (other things being equal), the world price falls to $5. The large country's government revenue will equal

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A large country's demand curve is given by Q=20-P and its supply curve is given by Q=(P/2) - (5/2). Assume the initially the world is in free trade...

  • Written in: 17-Oct-2019
  • Paper ID: 5946631
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DATE ANSWERED

Oct 17, 2019

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