How much revenue would they raise

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Reference no: EM13818079

Suppose Domestic Demand is given by: Qd=100-P

and Domestic Supply is given by: Qs=2P-20

but the world price of a good is $20

1) If we open up the market to free trade so that the world price dominates, what will be the quantity imported?

2) Suppose the government placed a tariff of $10 per unit imported on this good. How much revenue would they raise?

Reference no: EM13818079

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