Explain the effect of a quota that creates same amount

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Reference no: EM1346903

Draw a domestic supply and demand diagram for a product in which the united states does not have a comparative advantage. What impact do foreign imports have on domestic price and quantity? Show a protective tariff that eliminates approxmately one-half of the assumed imports. What are the price-quantity effects of this tariff on domestic consumers, domestic producers and foreign exporters? Explain how would the effect of a quota that creates the same amount of imports differ?

Reference no: EM1346903

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