Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Suppose the demand for steel is P=720-8Qd and the supply of steel is P=360+8Qs. The home country is small in the world steel market and the world price of steel is $400.
a. Find the free trade levels of steel production and consumption as well as steel imports.
b. Now suppose that a 20% tariff on steel imports is imposed to protect domestic steel producers. Find the equilibrium quantities of steel production, consumption and imports. What is the government’s revenue from the tariff? Show on the graph the effect of the tariff on consumer surplus and producer surplus. Show on the graph the dead-weight loss resulting from the tariff.
c. Next suppose that a group of automobile producers begins a lobbying and public relations campaign that points out that the tariff hurts steel consumers like themselves (suppose that auto firms import 7.5 units when the tariff is 20%). A compromise is reached that allows 5 units to be imported (by auto firms) at a tariff of 10% with any additional imports subject to the original tariff of 20%. Determine the effect of this change on the price of steel at home, on domestic production and consumption. What is the effect on tariff revenue? (Hint: Draw the total supply curve.)
For commodity X, average cost is equal to marginal cost at every level of output. Assuming that the market for X is competitive and the demand curve is linear analyze the effects when a unit tax of u dollars is imposed. Now analyze the effects of the..
You buy a bond for $1118 that pays $20 interest every 6 months. It will reach maturity in 9 years at which time it will return its face value of $1000 plus the final $20 interest payment. What is the pre-tax annual rate of return on this bond?
Jane wants to buy a beautiful doll as a gift for her sister's birthday. She knows that the same product is offered in different shops with prices of $120, $100, and $80 with odds of one-third of finding each price. She just stopped at a shop and know..
The case study of wages and productivity in the textbook demonstrates that:
A perfectly competitive firm has the cost curves drawn in the following diagram. If the firm's output sells for $16 per unit, what is the firm's profit-maximizing output? Why?
Eastman Kodak filed for a bankruptcy in January 2012. Using our analytical framework of nine areas of interest introduced in class explain the main causes of the company's misfortunes.
Use a graph of supply and demand under perfect competition to show a situation where the consumer price increases by exactly the amount of a specific excise tax paid by the producer
Please draw a graph of the following in excel to explain your answer Suppose the quantity of gadgets demanded is reported to have fallen by 20 units—from 50 to 30 units—as a result of a per-unit-price increase in widgets from $10 to $14, what is the ..
In current decades, women have worked more hours in paid jobs also fewer hours in up paid housework.
The shape of Russia’s production possibilities frontier (PPF) should reflect the fact that as Russia produces more camcorders and fewer cars, the opportunity cost of producing each additional camcorder
q1. during the purchasing decision evaluation stage the consumer forms preferences among the brands in the choice set.
Cost of production- in any industry in Australia where costs of production are an important issue and analyse what is being done in the industry. May be the industry is switching to technology or/and some substitutes have been used to overcome thi..
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd