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Suppose that the domestic demand and supply for shoes in a small open economy
are given by
P= 100 - 2Q(demand)
€
P = 4 + Q(supply)
where P denotes price and Q denotes quantity.
a. What are the autarky price of shoes and the quantity produced?
b. What are the levels of domestic production, consumption, and imports if the world price is $10?
c. How do your answers in part b change if this country were to impose a tariff of 3$
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