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December 21, 2014

Homework Help: economincs

Posted by k on Wednesday, February 27, 2013 at 10:08pm.

The price elasticity of demand for imported whiskey is estimated to be −0.20 over a wide
interval of prices. The federal government decides to raise the import tariff on foreign
whiskey, causing its price to rise by 20 percent.
a. Will the quantity demanded on imported whiskey rise or fall, and by what percentage
amount?
b. What is the percentage change in the total revenue after the tariffincreases?

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