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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?
Consider the market for electricity. In this industry, low average total costs are obtained only through large-scale production. In other words, the initial cost of setting up all the necessary wiring makes it risky and most likely unprofitable for a..
MPC = 0.75. Calculate the spending multiplier and the tax multiplier. Spending multiplier = 2.5. Calculate the MPC and the tax multiplier. Tax multiplier = 4.0. Calculate the MPC and the spending multiplier
Betty can make either “12 bottles of wine and 0 boxes of chocolates” or “0 bottles of wine and 96 boxes of chocolates” or a combination of wine and chocolates. Find Betty's opportunity cost of a bottle of wine in terms of box(es) of chocolates.
The US government decides to reduce the government budget deficit by increasing taxes and keeping government expenditures at the existing level. What are the effects of increasing taxes in the short and medium run for the US economy? Is it possible t..
Select the scenarios that result in lower prices if they were to occur in isolation? Consumers can make costly mistakes when not enough information is available. Which of the following represents a market solution to obtaining costly information?
q1. americans already enjoy living standards that far exceed world averages. do we have enough? should we even try to
A machine that produces a certain piece must be turned off by the operator after each piece is completed. The machine "coasts" for 15 seconds after it is turned off, thus preventing the operator from removing the piece quickly before producing the ne..
Open a Word document and insert the image by pressing the Ctrl+V keys simultaneously. Give reasons to explain what the government would have to do to keep the unemployment rate at 3 percent
A local video rental monopolist faces the weekly demand function D(P)= 1000-100P. The marginal cost of a rental is $4. Suppose the town government places a $1 tax on all video rentals. What effect will the tax have on the price the monopolist charges..
If the government were to make university attendance mandatory and subsidize tuition costs with tax dollars, how might this affect a nation's economic growth?
A firm makes and sells a computer for $1000. The variable cost to produce. A computer, for the range of production of the firm, is $300 per unit. The total fixed cost per year to make the computer are $4.0 million. How many computers must me made and..
From Strategy A if the second firm reacts with strategy D. On the other hand, firm 1 may follow strategy B which could return profits of $8mil. Or $9mil. If firm 2 reacts with strategy C or D respectively.
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