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The domestic demand curve for portable radios is given by Qd = 5000 - 100P, where Qd is the number of radios that would be purchased when the price is P. The domestic supply curve for radios is given by Qs = 150P, where Qs is the quantity of radios that would be produced domestically if the price were P. Suppose radios can be obtained in the world market at a price of $10 per radio. Domestic radio producers have successfully lobbied Congress to impose a tariff of $5 per radio.
a) Draw a graph illustrating the free trade equilibrium (with no tariff ). Clearly illustrate the equilibrium price.
b) By how much would the tariff increase producer surplus for domestic radio suppliers?
c) How much would the government collect in tariff revenues?
d) What is the deadweight loss from the tariff?
a. Determine the profit maximizing level of output. b. Compute the profit maximizing price. c. Calculate the upper and lower limits within which marginal cost may vary without affecting the profit maximizing output
Show that when the condition in Proposition 13.3 is satisfied, the optimal growth path satisfies the transversality condition and yields a finite level of utility for the representative household.
design two packages for the second-degree price discrimination case so that the first package has quantity 8 for the high demand and the second one has quantity 6 for the lower demand such that the low demand group has consumer surplus at least $5..
Suppose a cost minimizing firm wihses to change its scale of production and needs to know the combination of labor and capita to employ. If the firs's total cost outlay is $14. Fin the this combination using the information below
A monopolist has the following short-run total cost function and demand function Total Cost: TC = 32 + 2Q + 1/2Q^2 Marginal Cost: MC = 2 + Q Demand: Q = 52-2P where P is the price per unit of output, and Q is the quantity of output.
Take a look at the last word in this chapter. What explains why millions of economic resources tend to get arranged logically and productively rather than haphazardly and unproductively.What is the invisible hand and what is the significance?
Among the most developed countries, the fraction of the population aged 15-64 is forecast to fall from 70% to 60% over the next 50 years as working-age adults move into old age. Among the least developed countries, the working age fraction of the ..
Investors know for sure that the CEO of firm A will undertake an investment that will yild $100 million profit next year and then $2 million each year after that for 10 years. They also know for sure that the CEO of firm B will undertake an invest..
Would a firm from a small country be more or less likely to be accused of dumping when it exports to a large country (relative to a firm from the large country exporting to the small country)?
Sugar Import Ban. Suppose that initially there are no controls on sugar imported into the United States, so the price paid in the United States equals the prevailing world price.
For the last 4 months, a contract generated a net $6000 per month. Julian sold the equipment yesterday for $3000 to a friend.For the net cash flows experienced, what could Julian have paid for the equipment 8 months ago to have payback plus a retur..
The market for widgets is perfectly competitive with a market demand curve of: Q =200-(.5)P There is a single production technology available to firms that choose to operate in the market. The long run total cost function associated with this tech..
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