Activity2 global economics

Home imposes a specific tariff of 0.5 on wheat imports. Determine and graph the effects of the tariff on the following: 

 The price of wheat in each country
 The quantity of wheat supplied and demanded in each country 
 The volume of trade. 

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Determine the effect of the tariff on the welfare of each of the following groups: 

 Home import-competing producers
 Home consumers
 The Home government.

Show graphically and calculate the terms of trade gain, the efficiency loss, and the total effect on welfare of the tariff

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