Refer to the diagram to the right. The closed-economy equilibrium price is $14. The world...
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Refer to the diagram to the right. The closed-economy equilibrium price is $14. The world price is $8. What is the quantity of imports at the world price of $8? Imports = units. (entjor your response as a whole number) By how much will imports be reduced with the introduction of the $2 tariff? Imports decrease by units. (enter your response as a whole number) How much tariff revenue is generated by the $2 addition? Tariff revenue = $ (enter your response as a whole number) Price, P 20- 18 Shome 16- 14- 12- 10- Pw+t -Pw 8- 6- 4 Dnome N 0+ 30 20 10 90 100 70 80 40 50 60 Quantity
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