Problem
Draw typical Home market supply and demand curves, and then derive import market Home demand curve. After superimposing Foreign export supply over Home import market demand curve for a Small (Home) Country. Show the effect of tariff on Home imports as well as the welfare of consumers, producers and Government. Decompose the deadweight loss as production (efficiency) and consumption losses.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.