Estimate And Depict Using A Partial Equilibrium Diagram
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Estimate and depict using a partial equilibrium diagram the economic loss to the U.S. of the softwood lumber duties imposed on Canadian imports for the combined years 2001-2006. Assume a price of $350/thousand board feet and total US consumption of 360 billion board feet, exactly one-third of which was imported from Canada. Why do you think this dispute has lasted 50 years?
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