What is the effect of tariff on total quantity of gold sold

Reference no: EM131345527

Competitive firms located in Africa sell their output only in Europe and the United States (which do not produce the good themselves). The industry's supply curve is upward sloping. Europe puts a tariff of t per unit on the good but the United States does not. What is the effect of the tariff on total quantity of the good sold, the quantity sold in Europe and in the United States, and equilibrium price(s)?

Reference no: EM131345527

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