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Some of the largest import tariffs, the tax on imported goods, are on shoes. Strangely, the cheaper the shoes, the higher the tariff. The highest U.S. tariff, 67%, is on a pair of $3 canvas sneakers, while the tariff on $12 sneakers is 37%, and that on $300 Italian leather imports is 12% (Blake W. Krueger, "A Shoe Tariff With a Big Footprint, " Wall Street Journal, November 22, 2012). Laura buys either inexpensive, canvas sneakers ($3 before the tariff) or more expensive gym shoes ($12 before the tariff) for her many children. Use an indifference curve-budget line analysis to show how imposing these unequal tariffs affects the bundle of shoes that she buys compared to what she would have bought in the absence of tariffs. Can you confidently predict whether she'll buy relatively more expensive gym shoes after the tariff? Why or why not?
Using production theory as a basis, is the CEO correct in his assumption that lazy workers or ineffective supervisors are to blame for the decline in productivity? What other explanations might be possible?
Indicate the effect that each of the following conditions will have on a firms average variable cost curve and its average cost curve.
An auto supplier installed new equipment costing $1,050,000. The equipment generated new income averaging $300,000 per year, and its operating costs averaged $48,000 per year. The equipment was depreciated using the MACRS method, assuming a recovery ..
Suppose a firm is hiring 20 workers at a wage rate of $60. The average product of labor is 30, the last worker added 12 units of output, and total fixed cost is $3,600. What is marginal cost?
Suppose that an economist from business school argues that government should not try to help an economy in a recession, while another economist from a public television program argues that the government should implement an expansionary fiscal policy..
Using the midpoint method, what is the cross price elasticity of the demand for apple juice with regard to the price of orange juice
In the Keynesian view, would a constitutional amendment that would require the federal government to balance its budget (incur no deficit) be desirable? Explain your answer.
Why does Robert Reich refer to wealthy people, politicians, lobbyists, and large corporations as "economic bullies"? How do you feel about this issue and its importance to our economy now that you understand it better? What do you feel needs to be do..
determine the amount at time 0(now) equivalent to the cost of owning and operating the machine for the next five year period. It is anticipated that the machine can be sold for $1000 at the end of the five year period. Use an interest rate of 10%.
Describe the Harrod-Domar growth model, and explain precisely how the model illustrates dynamic instability. Why is it often called the “knife’s edge model”?
When using a supply and demand model to illustarte how land rents are set, economists typically draw the supply curve as a vertical line because
Reflect on quality health outcomes, utilization, and disparity in the Indian healthcare system. India's healthcare infrastructure has not kept pace with the economic development. What are some of the factors that are adversely impacting the healthcar..
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