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India has a 70 percent tari? on imported chocolate. a. Sketch a diagram to show the...

India has a 70 percent tari? on imported chocolate.

a. Sketch a diagram to show the impact of this tari? on the price of imported chocolate in India.

b. Suppose India cuts the tari? to zero but imposes a quota that results in the same high price for imported chocolate. Show this in a diagram.

c. From the government’s perspective, is it better o? with a tari? or with a quota? Explain.

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