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(a) In problem set 6, you demonstrated (hopefully) 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 the class on 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?
The environment and healthcare are very important aspects of our lives, as discussed in your textbook. However, it is still unclear whether corporations should focus on these as rights or as privileges.
Monopolistic competition is similar to perfect competition in that:
A publisher with a geographic monopoly faces the following demand schedule for the next novel from one of its authors: the author is paid $2,000,000 to write the book, and the marginal cost of publishing the book is a constant $10 per book. Compute t..
If market inverse demand is p(Q)=a-bQ and the firm produces according to TC(Q)=cQ+dQ2, determine the firm's optimal quantity, price and profit level. (Assume that a,b,c,d >0.) What conditions on b and d must hold in equilibrium?
Payments to hospitals from private insurers can be characterized as having reached which stage of a typical financial reimbursement cycle? Which of the following statements about the certificate of need legislation is false? The wealthiest group in A..
Consider the industry for making plastic cups. The process of producing the cups generates pollution. Assume the marginal damage function of pollution is given by MD = 4E, where damages are measured in dollars and E is the level of emissions. Assume ..
Describe political and social impacts of this association. Are regional trade associations beneficial for global economy. For members of association.
“Consumer surplus” represents the difference between what a consumer is willing to pay for a good or service and the price that they actually pay. In other words, the concept of consumer surplus indicates how much consumers gain from consuming goods ..
Why people at buffet s put more on their plates and eat more the greater the variety of items they have to select from.
The news that oats can help reduce cholesterol has caused people to prefer to eat more oats. This change in preference would be expected to cause the demand curve for oats to shift to the right, and equilibrium price and quantity of oats to increase...
Consider a nation that produces food (Qf) and clothing (Qc) according to the following production functions: Qc=sqrt (Lc) Qf=sqrt (Lf) where, Lc and Lf are the number of hours in production of clothing and food respectively. Determine the autarky equ..
Regional economic integration and multinational agreements in place help companies in pursuing and developing a transnational strategy. Do you agree with this statement? Why? Why not?
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