2. Describe the impact of each of the following goals from the Hong Kong WTO meeting on (i) domestic prices and welfare of the country taking the action and (ii) world prices and welfare for the partner countries. a. Elimination of agriculture export subsidies b. Reduction of agricultural tariffs c. Duty-free, quota-free access for 97% of goods originating in the world's least- developed countries Note: Answer question 1a (2a) for both the SOE and LOE case. Distinguish between home country and foreign country/rest-of-the World

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