Lobbying for high taxes on imported steel

Assignment Help Business Economics
Reference no: EM131244259

The steel industry has been lobbying for high taxes on imported steel. Russia, Brazil, and Japan have been producing and selling steel on world markets at $610 per metric ton, well below what equilibrium would be in the United States with no imports. If no imported steel was permitted into the country, the equilibrium price would be $970 per metric ton. Show supply and demand curves for the United States, assuming no imports; then show what the graph would look like if U.S. buyers could purchase all the steel that they wanted from world markets at $610 per metric ton; show the quantity of imported steel.

Reference no: EM131244259

Questions Cloud

Noninstitutional adult population : Suppose that the U.S. noninstitutional adult population is 206 million and the labor force participation rate is 67%. What us the size of the labor force? If 72 million out of the 206 million adults are not working, what is the unemployment rate?
What will be the value of the annual scholarship : As a successful and grateful graduate of the CSUS College of Engineering & Computer Science, you endow the college $25,000. If the college gets 6% return on investments and wants to use the endowment to fund an annual scholarship for the next 25 year..
Decide to return to school full time-stop looking for work : Determine the impact on each of the following if 2 million formerly unemployed workers decide to return to school full time and stop looking for work:
Particular elements of organization culture-processes : For this assignment, you will research the innovation architecture of at least three companies that are well-known for successfully supporting a culture of innovation. What particular elements of each organization’s culture, processes, and management..
Lobbying for high taxes on imported steel : The steel industry has been lobbying for high taxes on imported steel. Russia, Brazil, and Japan have been producing and selling steel on world markets at $610 per metric ton, well below what equilibrium would be in the United States with no imports.
When calculating price elasticity of demand : When calculating price elasticity of demand, if the percentage change in price is negative, then the percentage change in quantity demanded is typically:
Using direct or indirect price discrimination : Would an organization benefit from using direct or indirect price discrimination. Why or why not? Provide an example.
Identify personal economic decision : Identify a personal economic decision that was driven by a behavioral bias rather than by pure rational behavior. Given your understanding of behavioral economics, how would your decision differ today?
What is the price of an additional dollar of local spending : Suppose that Colorado is considering two alternative methods of funding local road construction, matching grants and block grants. In the case of the matching grant, Colorado will spend $1 for every $1 spent by localities. What is the price of an add..

Reviews

Write a Review

Business Economics Questions & Answers

  The various types of vehicles that can be used by clients

the various types of vehicles that can be used by clients to reduce the various kinds if taxation.

  What are the profit-maximizing price and output levels

The Paradise Shoes Company has estimated its weekly TVC function from data collected over the past several months, as TVC = 3450 + 20Q + 0.008Q2 where TVC represents the total variable cost and Q represents pairs of shoes produced per week. Describe ..

  What proportion of these corporation was the rate of return

For what proportion of these corporations the rate of return negative? For what proportion of these corporation was the rate of return between 5% and 15%?

  Calculate contribution margin ratio at the projected levels

You are pitching a marketing proposal to a company that sells electronic equipment. For a particular product line, their current sales price is $20 per unit, cost is $9 per unit and they have $20,000 in fixed costs associated with this line. Calculat..

  Deadweight loss (dwl) from the price ceiling

Calculate the deadweight loss (DWL) from the price ceiling. Find a price floor that will result in the same magnitude of DWL. [Note: P = price per unit; Qd = hundreds of units demanded; Qs = hundreds of units supplied]

  Derive an equation for the firm''s marginal cost function

The Deering Manufacturing Company's short-run average cost function in 2012 was AC = 3 + 4Q where AC is the firm's average cost (in dollars per pound of the product), and Q is its output rate. Derive an equation for the firm's marginal cost function.

  Equilibrium city-wide bid rent curve

A city is being built where factor substitution is not allowed, and there are three types of businesses that are interested in bidding for land: service firms (S), manufacturers (M) and farmers (F). There is a circumferential highway that is located ..

  Installing better lighting system

Suppose a human life is worth $10 million. Installing a better lighting system in the city park would reduce the risk of someone being murdered there from 3.5 to 2.9 percent over the life of the system. The city should install the new lighting system..

  New contract with a first-tier automotive supplier

Jaguar Machining needs to purchase a piece of machinery to be able to compete on a new contract with a first-tier automotive supplier. The machinery will cost $140,000 and the owner arranges to borrow the entire amount at 8% interest. By how much ($X..

  Earnings in the business to finance future expansion

Tina is the sole owner of Tina's Lawn Mowing, Incorporated (TLM). In one year, TLM collects $1,000,000 from customers to mow their lawns. TLM's equipment depreciates in value by $125,000. TLM pays $600,000 to its workers, who pay $140,000 in taxes on..

  Increased access to wireless technology and lighter weight

With increased access to wireless technology and lighter weight, the demand for laptop computers has increased substantially. Laptops have also become easier and cheaper to produce as new technology has come online. Despite the shift in demand, price..

  Demand and supply curves and on equilibrium price-quantity

Surveys indicate that Americans are becoming more and more dependent on over the counter medications such as Advil. For each of the following two scenarios, illustrate and describe the effect on both the demand and supply curves and on equilibrium pr..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd