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1. how can international trade theory explain intra-industry trade? 2. why might we except intra-industry trade based on scale economies to be less politically controversial than intra-industry trade based on comparative advangate? 3. This question asks you to analyze the effects of removal of a tariff on imported oranges. The following table summarizes the situations in the orange market with and without the tariff. The first column describes the situation with a $4.00-per-bushel tariff on oranges. The second column represents the situation after the tariff is removed. You may assume that transportation costs are zero and that the supply and demand curves are straight lines. With $4.00 Tariff With Free Trade World Price of Oranges ($/Bushel) $12.00 $12.00 Tariff Per Bushel ($/Bushel) $4.00 $0.00 Domestic Price of Oranges ($/Bushel) $16.00 $12.00 Oranges consumed domestically 24 8 (million bushels/year) Oranges produced domestically 8 6 (million bushels/year) a. Illustrate the effects of removal of the tariff. Label the free-trade and tariff equilibria in terms of consumption, domestic production, imports, and domestic and world prices. b. Estimate the amount domestic consumers gain from removal of the tariff. Show and explain your work. c. Estimate the amount of the net effect on the country’s welfare from removal of the tariff. Show and explain your work. d. In this case, would the optimal import tariff on oranges be negative, zero, or positive? Why? Under what assumptions is the “optimal” tariff really optimal?
He goes to his pal "Hammerhead" the loan shark who loans him $10,000 for a year. Illustrate what is true effective interest rate per year.
Autonomous aggregate expenditures decreases by $200 million, the marginal propensity to consume is 0.50, marginal propensity to invest is 0.25, and the marginal propensity to import is 0.10. Calculate the change in income.
q. suppose that at the equilibrium price and quantity the marginal revenue is -15 and the price elasticity of demand
A reserve price is a minimum price set by the auctioneer. If no bidder is willing to pay the reserve price, the item is unsold at a profit of $0 for the auctioneer. If only one bidder values the item at or above the reserve price, that bidder pays th..
You now know everything you need to know to be an informed critic of the Affordable Care Act. Based on all that you have learned, how does the Act measure up to our three goals of 1) increasing quality of care, 2) increasing access to care and 3) kee..
Identify the policy options for dealing with a recession and inflation respectively in terms of both fiscal policy and monetary policy and the respective schools of thought associated with them. Beginning from a state of equilibrium in the aggregate ..
From the e-Activity, compare and contrast the primary economic issues and policies both the Republican and Democrat parties address concerning the U.S. healthcare delivery system overall.
What are the major federal laws and subsequent amendments underpin U.S. environmental protection. Identify these laws. The value of a home depends in part on how attractive other homes and yards in the neighbourhood are. How do local zoning ordinance..
On a single graph draw marginal cost curve, average total cost curve and average variable cost curve for a typical firm. Explain how area that represents profit or loss this firm will earn.
Suppose the economy is initially in long-run equilibrium and the U.S. stock market has a prolonged decrease in shareholder value. Use the AD–AS model to predict short-run changes to real GDP and the aggregate price level. Should the government undert..
Why would you expect the velocity of circulation of a monetary aggregate such as M1 or M2 to rise during periods of high interest rates and to decline during periods of low interest rates?
A health reform plan recommends introducing a tax of $20 per day on hospital stays. How this new tax will affect hospital supply curve? Draw a diagram to illustrate your answer.
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