Impact of foreign imports on domestic price and quantity

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Reference no: EM1375400

Make a domestic supply and demand diagrams for an item in which the U.S. does not have a comparative advantage. Discuss what impact do foreign imports have on domestic price and quantity? On your diagram show a protective tariff that eliminates approximately one-half of the assumed imports. What are the price-quantity effects of this tariff on (a) domestic consumers, (b) domestic product?

Reference no: EM1375400

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