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Assume that the price in autarky for a product is 50. The world price is 30 and at this price local supply is 100000 and local demand is 200000. The local government imposes a tariff of 5, increasing the price to 35. At this new price, local supply is 120000 and local demand is 170000. Provide numbers for the following with explanation.
a) Change in consumer surplus (calculated how)
b) Change in producer surplus (calculated how)
c) Change in total welfare (calculated how)
d) If for each 2000 units of local production 5 jobs are created how much does the creation of each job cost to society?
e) Would results change if the local government chose a quota instead of tariff, how much would the equivalent quota be?
A policymaker is deciding how to finance the construction of a new airport. He can either pay for it by increasing citizens' taxes or by printing out more money. What are some short run and long run consequences of each option
why do economists emphasize efficiency as an important goal of public policy? why is compensating volunteers to
Explain in words why an English auction is equivalent to a second-price, sealed-bid auction in terms of bidding strategies and explain in words why a Dutch auction is equivalent to a first-price, sealed bid auction in terms of bidding strategies.
Mary is in equilibrium. The MUa =6, MUb =12, Pa=2, what is the price of b? Zach is in equilibrium. The MUa=2, MUb=8, what is the price of a in terms of the price of b? What is the utility maximizing or optimization condition?
If the core PCE price index is a better measure of the inflation rate than is the CPI, why is the CPI more widely used? In particular, can you think of reasons the federal government uses the CPI when deciding how much to increase Social Security..
imagine that the government has applied a cap-and-trade policy to auto emissions. from the e-activity propose the key
U(X,Y) = X2Y. The consumer has $24 to spend and the prices of the goods are PX = $2 and PY = $4. Note that the MUX = 2XY and the MUY = X2.
Provide a 2000 word written paper choosing ONE of the three topic choices given below: (1) Compare two examples of intermodal container and freight technology. (2) Discuss how new container tracking devices will improve international intermodal trans..
the toilet manufacturer has proposed a quantity discount schedule for toilets as reflected in the following table for
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according to the federal reserves federal open market committee 2011 the federal reserve controls the three tools of
a monopolists demand function is given byp 80 - 3qwith mr 80 - 6q.its total cost function isnbsptc 20q 200with mc
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