[Steps Shown] The tariff-inclusive price will be $3 (1 + .33) = $4. What are the impacts of tariff on domestic consumption, domestic production, imports,
Question: The tariff-inclusive price will be $3 (1 + .33) = $4. What are the impacts of tariff on domestic consumption, domestic production, imports, and government’s tariff revenue? Please show the numbers, for example, the domestic consumption will decrease from 600X to 500X.
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