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Calculate the welfare loss associated

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Reference no: EM132401823

Consider the market for coffee in Kenya. Assume the domestic supply and domestic demand for coffee are respectively given by

QS = 20 + 20P

QD = 200 -10P

where P is the price of coffee. Suppose Kenya is open to free trade and the world price of coffee is equal to $2 per kilogram of coffee. Calculate the welfare loss associated with a 50% tariff on imported coffee.

Reference no: EM132401823

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