Given that it takes 5 yards of textile to make a suit whose, Business Economics

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Given that it takes 5 yards of textile to make a suit whose

Given that it takes 5 yards of textile to make a suit whose free trade price is $150.00 and that the textile sells for $20.00 per yard. Calculate (i) the NRP and the ERP if the government is to impose a $30.00 tariff per suit and (ii) what happens to the ERP once a 40% tariff on textiles is added to the tariff structure.

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