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Explain the partial equilibrium effects

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Assume Ghana produces and consumes Cocoa. The autarky price of cocoa in Ghana is 60 Cedi and the domestic production and consumption in the absence of trade is 500 tons of Cocoa. Assume further that the free trade price of cocoa is 40 Cedi. Explain the partial equilibrium effects of a 20 percent tariff imposed by Ghana on Cocoa.

Reference no: EM133082930

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