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a) You demonstrated that allowing international sales in the U.S. increases consumer welfare by more than producer welfare falls. Thus, steel tariffs on international imports are welfare reducing. Yet the steel industry is successful in lobbying for steel tariffs.
Referencing to political economy, what explains why the government enacts a welfare-reducing policy?
b) Big steel firms were initially against the steel tariffs, despite the fact that they would seem to benefit from higher domestic steel prices. Later, they change their stance to favor steel tariffs. later favored steel tariffs. What might explain why they weren't in favor of steel tariffs throughout the period?
A firm has $1,700,000 in sales, a Lerner index of 0.56, and a marginal cost of $50, and competes against 800 other firms in its relevant market. Instruction: Round your answers to 2 decimal places. a. What price does this firm charge its customers?
In 2013, the real GDP per capita (a measure of standard of living) of China was $6,187 and in the US it was $53,042. Thus China’s real GDP per capita is approximately 12.8% of U.S. real GDP per capita. If Chinese per capita GDP grows at an average of..
In the labor market, the demand and supply model predicts that new technologies could raise the pay of high-skill labor but reduce the pay of low-skill labor. Explain why and demonstrate your point with a demand and supply diagram.
What do you think of the No Child Left Behind Act, especially its requirements that schools test their students annually? Do you think these test are accurate indicators of school quality? Do you see any problems associated with the testing programs?
Suppose the government increases purchases in an economy with a recessionary gap. How would this policy affect bond prices, interest rates, investment, net exports, real GDP, and the price level?
Find the following equivalent amounts if the interest rate is 8% compounded annually.
Use the market for loanable funds to explain what happens to 1) private savings (PS) 2) private investment spending (PI) and 3) the interest rate (r) if each of the following events occur: The government decides to invade and occupy a Middle Eastern ..
What are some of the monetary policies that the government uses to control the supply of money in the system.
Firm C produces 1,000 pounds of cotton at a cost of 50 cents per pound. They sell all of the cotton to Firm S for 75 cents per pound. Firm S makes 1,000 t-shirts with the cotton for a total cost of $1.50 per t-shirt. They sell all of the shirts to Fi..
Consider an initial stock of 5000 tons of high grade ore. The demand function for this ore is P = 2400 – 0.2Q (Q is measured in tons/year), and the cost of extraction is constant at c = $200/ton. The discount rate is r = 0.10. Recalculate Q0, Q1, p0,..
Unconscionable Contracts or Clauses. Geographic Expeditions, Inc. (GeoEx) , which guided climbs up mount Kilimanjaro, required climbers to sign a release to participate in a expedition. The form mandated the arbitration of any dispute in San Francisc..
Could you increase profits through price discrimination? If so, what type of price discrimination should you use?
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