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Consider trade relations between the U.S. and Mexico. Assume that the leaders of the two countries believe the payoffs to alternative trade policies are as follows:
U.S. Decision U.S. DecisionLow Tariffs High TariffsMexico's Decision Low Tariffs (25,25) (10,30)Mexico's Decision High Tariffs (30,10) (20,20)
a. What is the dominant strategy for the U.S.? For Mexico?b. Define Nash equilibrium. What is the Nash equilibrium for trade policy?c. In 1993 the U.S. Congress ratified the North American Trade Agreement, in which the U.S. and Mexico agreed to reduce trade barriers simultaneously. Do the perceived payoffs shown here justify this approach to trade policy?d. Based on your understanding of the gains from trade, do you think that these payoffs actually reflect a nation's welfare under the four possible outcomes?
Speculate how the price for that good or service may have been set and how well this price maximizes profit for the company and determine what shifts the company should made in its pricing strategy. Provide support for your recommendations.
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Suppose the world price of crude oil is $15. What would be the equilibrium price and quantity under free trade? Find the price of oil, the total quantity traded, and the domestic quantity supplied. Assume you can treat foreign supply of oil as inf..
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Year nominal gdp gdp deflator ( base year 1996) 2000 9873 118 1999 9269 113 a.what was the growth rate of nominal gdp between 1999 and 2000 b.what was the growth rate of the gdp deflator between 1999 and 2000
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suppose that the cost of raw material used in the production of this good increases (assume nothing else has changed). Draw a diagram comparing the effect of the increase in the cost of materials in this market with the equilibrium
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Mr. Jones has deposited his life savings of $70,000 in a retirement income plan with a local bank. The bank pays a. 10%, b. 11.25%, per year, compounded annually, on such deposits.
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