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Assume the following: the world price of shoes is $100 per pair. The value of...

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Accounting

Assume the following: the world price of shoes is $100 per pair. The value of imported leather is 70% of the value of the shoes (or $70). The tariff on shoes is 20% while the tariff on leather is 15%. Calculate the Values Added and use them to derive the Effective Rate of Protection or ERP.

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