Small Island Developing States (SIDS), particularly our Caribbean islands, are normally accused by our economists of being import dependent. Why then are we always hesitant to impose Tariffs on imports to solve our Balance of Payments problems? Why would it be slow to work on our appetites? Discuss this issue in relation to the concept of Elasticity of Demand.

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A: Demand : P = 420 - 60Q 60Q = (420-P) Q = (420-P)/60   Supply : P = 2 + 20Q 20Q = (P-2)  Q = (P-2)/20…

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A: Answer in below step

Q: i need help please

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Q: 1)…

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A:

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A: DISCLAIMER  “Since you have asked multiple questions, we will solve the first three questions for…

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