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What is the leakage that would result if the government

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Reference no: EM131861650

Suppose the demand curve in a market is given by (qD = 20 - p) and supply curve is given by (qS = 2p - 4) .......Please Provide clear steps

(a) What is the leakage that would result if the government imposes a tax of $3 per unit of the good?

(b)What is the leakage that would result if the government imposes a subsidy of $3 per unit of the good?

(c)Suppose the world price of the good is $4. Under free trade, how many units will be imported? Now, suppose the government imposes a Tariff of $2. Calculate the leakage from such a policy.

Reference no: EM131861650

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