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Question - On January 26, 2017 Donald Trump apparently announced his plans for paying for the Wall between Mexico and the US would be a 20% tariff on Mexican products imported to the US market (to be approved by the Congress). Most of the products imported from Mexico are food and food related items, fruits, vegetables, and parts & equipment for manufacturing automobiles and other goods (produced in the US) for US consumers.

Draw a hypothetical diagram with demand and supply curves and clearly indicate who would actually end up paying for the Wall, if the US Congress approves the proposed 20% tariff on Mexican exports into a law. Hint: Make sure you clearly give proper symbols on the diagram with appropriate direction of D and S curves and their possible changes, if any to reach to a new equilibrium prices and quantities.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M92503777
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