Explain the economic impacts of a tariff

Reference no: EM1370163

This is a small country case. Using graphs, describe the economic impacts of a tariff on a nation's welfare, and show how a tariff would affect the current equilibrium price and quantity and import levels within a market that happens to be importing the good already but still has a certain amount of domestic production occurring. What are some common U.S. tariff rates on various beverages and fish products? (Choose 3 for beverage and 3 for fish.) What types of tariffs are these (specific, ad valorem, or compound)?

Reference no: EM1370163

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