A.Suppose a specific tariff of $2 is imposed on shoes, which cost $20, in 1930. The ad valorem equivalent of the tariff is ___%  (Note: round answer to one decimal place)

B. Suppose the price of a pair of shoes falls to $16 in 1932. The ad valorem equivalent of the tariff is now ___%  (Note:  round answer to one decimal place.)

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A To calculate the ad valorem equivalent of a specific tariff we need to compare the tariff amount ... View the full answer