Draw the diagram corresponding to Figure 12.3 for an embargo on imports from the target country

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QUESTION:

Draw the diagram corresponding to Figure 12.3 for an embargo on imports from the target country. Identify the losses and gains to the embargoing countries, the target country, and other countries. Describe what values of elasticities are more likely to give power to the embargo effort and what values of elasticities are more likely to weaken it?


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