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Discuss changes in producer surplus and consumer surplus

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Reference no: EM133711302

Question: Supposing the government in New Zealnd imposes a 20% tariff on the ice cream imported from other countries (i.e. the substitute product of your chosen product). Please discuss the changes in producer surplus and consumer surplus with and without international trade. Use examples and graphs to facilitate your discussions if you think you need them. (Note: before you analyze it, you need to decide (assume) the domestic market price and international market price for the product you have chosen. This can facilitate your discussions)

Reference no: EM133711302

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