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To produce a boat, you need wood as an intermediate good. If this country imports both boats and wood, a 10% tariff rate can be imposed on boat imports, and a 5% tariff rate can be imposed on wood imports. The price of a boat is $1000 before the tariff, and the price of one unit of wood is $100. Knowing that three units of wood are required to produce one boat.
(a) The value added before both tariffs are imposed =
(b) The value added after both tariffs are imposed =
(c) The value added after imposing a tariff on boats only =
(d) The value added after imposing the tariff on wood only =
(e) The effective rate of protection after imposing both tariffs =
(f) The effective rate of protection if only the tariff on boats is imposed =
(g) The effective rate of protection if only the tariff on wood is imposed =
The inverse demand curve for widgets is P = 130−2Q. There are two firms, A and B, who produce wid-gets. Each firm has a constant marginal and average cost of producing the good that equals 10. What is the Cournot-Nash equilibrium? You need to solve t..
Along the political spectrum of liberal to conservative, in what style might Le Locle Examiner be expected to be written? Explain your answer.
Though your answer needs to be correct in terms of economic theory (so be sure to read the assigned chapters), creativity and having fun with it is strongly encouraged.
On a trip to the grocery store you want to purchase oranges, but the price is pretty high due to the canker disease that has affected the crops. What are your choices? Do you have alternatives? What causes a shift in the demand or supply of oranges (..
A firm has two variable factors of production (x, y) with a production function q(x,y) = x^1/3*y^1/3. The price of output is p, the price of factor x is wx, and the price of factor y is wy. - Find the factor demand curves x*, y*, and the optimal cons..
Consider the following Bach or Stravinsky coordination game with utilities. Identify all of the pure-strategy Nash equilibria for this problem. Explain whether or not the Nash equilibria are efficient. Explain how the government’s role, if one exists..
The manager of Big Oil Company in Mandeville tells investors that at the end of 2006 they had gasoline in inventory worth $446. In 2007, Big Oil produced gasoline worth $353 and sold gasoline worth $217. How much did Big Oil add to Mandeville's GDP i..
The problem is to choose x to maximize f(x;a) = ax- 3x^2, where á is exogenous, subject to the constraint. Calculate the first-order condition for this problem. For which possible values of á does this problem have a solution on the boundary?
Should the United States pass a minimum wage that assures all workers earn a wage above the poverty level? Defend your position using economic principles. The response to this question is not as straightforward as it might seem. Consider the poverty ..
q.macro-economics is perhaps most divisive area of economics when functionalized to political decision making also
The Federal Reserve policy known as “Quantitative Easing” or QE is the Fed
Adam Smith favors a policy of laissez faire in managing economic activities. Why? Economics deals with the efficient use of resources? Why? Marginal analysis tends to produce more optimal outcomes when working with scarce resources. How?
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