Sketch a domestic supply and demand diagrams for a product

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Reference no: EM1340216

Price-Quantity Effects of Protective Tariffs

Draw a domestic supply and demand diagrams 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? 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: EM1340216

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