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Assume the following equations accurately represent the market for "widgets" in two countries:
HOME: PD= 100- 5Q
Ps=5Q
FORGEIN: PD= 100-3Q
Ps= 2Q
a) Please model the market for widgets in both countries. Is trade possible? Who would export and who would import? Explain.
b) Calculate the ES in autarky and under conditions of free trade. Assume the world price is $45.
c) Apply a $2.50 tariff and recalculate economic surplus (including tariff revenue). Has ES gone up with imposition of the tariff?
d) Evaluate the following statement regarding the infant industy argument for protection:
"Protection often results in infant industries never ‘growing up.'" How might protection prevent the firm from "growing up"?
e) Consider the following quote from the New Yorker:
"the main burden of trade-related job losses and wage declines has fallen on middle-and lower-income Americans. But... the very people who suffer most from free trade are often, paradoxically, among the biggest beneficiaries." Do you agree? Do you disagree?
International Monetary Fund information indicate that, with 2000 = 100.0, Japan's export value index in 2006 was 95.3, its import price index in 2006 was 127.2,
Other than economies of scale, what would you think to be fence to entry into a market? Are these fence the similar for all market structures and Describe three oligopoly pricing models
What did Adam Smith mean when he wrote "Seldom do businessmen of the same trade get together but that it results in some detriment to the general public"?
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