Solution-Canada is considered small country that

Canada is considered small country that produces-consumes

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Canada is considered a small country that produces and consumes both AI and wheat, using 2 inputs: skilled labor, SL, and unskilled L, UL; AI is relatively skilled-L-intensive and, considering Canada's trade with Mexico, Canada is relatively skilled-L abundant. Make all HO model assumptions. Show the general equilibrium (GE) effects (i.e., use the PPF graph with wheat on the horizontal axis) if Canada puts on a tariff. Decompose Canada's welfare change into its components. Indicate on your graph the post-tariff: real income, production, consumption, X, and M. Use the appropriate version of the appropriate theorem to explain who would have lobbied for this tariff. Why is a tariff "second best"?

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Canada is considered small country that produces-consumes

Reference no: EM133355245

Reference no: EM133355245

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