Suppose that the production of 1 million worth of steel in, Business Economics

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Suppose that the production of 1 million worth of steel in

Suppose that the production of $1 million worth of steel in Canada requires $100,000 worth of taconite. Canada’s nominal tariff rates for importing these goods are 20 percent for steel and 10 percent for taconite. Calculate the effective rate of protection for Canada’s steel industry.

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