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Suppose the U.S. supply and demand curves for automobiles cross at a price of $15,000 but (identical) imported automobiles can be purchased for $10,000. Now suppose the government imposes a $2,000 tax on every car produced in the U.S. (to be collected from the producers).
A) What price must Americans pay for cars before the tax is imposed? What price must Americans pay for cars after the tax is imposed? What prices do U.S. producers receive for their cars before and after the tax is imposed?
B) Before and after the tax is imposed, on a supply and demand diagram, illustrate the areas of consumer surplus (CS), producer surplus (PS), and total surplus (TS) on the diagram. What is the deadweight loss due to the tax?
C) Redo part (a) and (b) for a $2000 tariff instead of $2000 tax on the producers.
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As in the previous exercise, consider an initial wealth of 10 and the lottery X˜ . Assume now that the utility is: u = w for w = 10. Draw the utility function. Is it globally concave? Compute the certainty equivalent and the risk premium attached t..
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