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"While the imposition by a country’s government of an import tariff on a good clearly injures the country’s domestic consumers of the good, the tariff helps domestic import-competing producers and enhances overall country welfare (i.e., the “net welfare effect” is positive). Similarly, the granting of an export subsidy by the country’s government to home producers of a good also injures home consumers of the good, but the subsidy helps home producers and enhances overall country welfare.”
Utilizing traditional supply/demand analysis, illustrate and explain the parts of the above statement that are TRUE (if any) and the parts that are FALSE (if any). (You can use a “small-country” case throughout your answer. Also, assume that there are barriers to the import of the good into the country granting the export subsidy.)
Widgetland has 60 workers. Each worker can produce 10 widget(s) or 12 wadget(s). Each resident in Widgetland currently consumes 8 widget(s) and 8 wadget(s). Wadgetland also has 60 workers. Each can produce 10 widget(s) or 8 wadget(s). To maximize con..
Consider a competitive market in long run equilibrium (all firms are identical with a U-shaped cost structure, there is free entry/exit in the market, and there are no other external price effects). Suppose the government imposes a fixed fee per year..
The policies of the federal government influence the outcomes of the various activities in that economy. When government policies change or unplanned events occur, the resulting economic events or activity will usually change. Listed below are severa..
The market risk premium is 10% also government risk-free bonds are payingIllustrate what is its Weighted Average Cost of Capital.
The substitution affect isolates the change in the consumption of a good caused by: The slope of the budget line represents. Given that income is $300, the price of good Y is $15, and the price of good X is $20. What is the vertical intercept of the ..
q.in 1958 the first pizza hut opened its doors back. it offered consumers one style of pizza its original thin crust
Suppose there are 100 firms in a perfectly competitive industry. Each firm has a U-shaped, long-run average cost curve that reaches a minimum of $10 at an output level of 8 units. Marginal costs are given by and market demand is given by MC(q) = q + ..
A developer is considering including a private waste water treatment plant in a small residential development. The city requires the developer to provide funds to cover the construction cost of the plant and to cover the maintenance and operations co..
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..
suppose the indifference curves for a consumer are positively sloping. What can be inferred about their preferences? Make sure you label your axes and show the direction of higher indifference curves. can consumer surplus be negative? If yes, describ..
There have been significant discussions on the government's fiscal policy during the Great Recession. In particular, many did not like the government's actions in salvaging the auto industry in providing guaranteed loans to GM and Chrysler. What is y..
Do architects have a responsibility to our society, or should they be able to design whatever they want?” Obviously, architects must design buildings that are safe for people to live in, but what about size, shape, appearance, and materials? Artists ..
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