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Some of the largest import tariffs, the tax on imported goods, are on shoes. Strangely, the cheaper the shoes, the higher the tariff. The highest US tariff, 67%, is on a pair of $3 canvas sneakers, while the tariff on $12 sneakers is 37%, and that on $300 Italian leather imports is 12%. Laura buys either inexpensive, canvas sneakers ($3 before tariff) or more expensive gym shoes ($12 before the tariff) for her many children. Use an indifference curve-budget line analysis to show how imposing these unequal tariffs affects the bundle of shoes that she buys compared to what she would have bought in the absence of tariffs. Can you confidently predict whether she’ll buy relatively more expensive gym shoes after the tariff. Why or why not?
Ms. Smith, the owner and manager of the Clear Duplicating Service located near a major university, is contemplating keeping her shop open after 4 p.m. and until midnight. In order to do so, she would have to hire additional workers. If the price of e..
Why do cotton growers spend billions of dollars to dam rivers and transport water hundreds of miles to grow cotton in California deserts?
Which of the following is NOT a reason why the demand curve for apples will shift out and to the right? The price of bananas, a substitute good, rises. The price of cereal, a complementary good, falls. Consumer income rises and apples are a normal go..
The wage elasticity of labor supply for women aged 18-25 is measured to be 0.3. Within this group, the average weekly wage of the high-school graduates is 2/3 the amount of college graduates. Assume that wage elasticity and all other individual chara..
What point on the graph is most likely to result from the introduction of technological improvements in bicycle assembly, and successful publicity campaigns by the government on the virtues of bicycling to work.
What are the equilibrium price and quality? What is the market outcome if the price is $2.75? What do expect to happen? Why? What is the market outcome if the price is $4.25? What do expect to happen? Why? What are the equilibrium price and quality i..
Under both President Bill Clinton and President George W. Bush, members of the opposition party in the Senate often blocked the president's nominations to district and circuit courts. Under what circumstances are such blocking actions a legitimate ex..
Explain why a firm needs through knowledge of ATC, AVC and MC.2) explain the basic features of various market structure, what is the product differentiation? 3)how is it that in a perfectly competitive market long run economic profit is zero?
If you are unable to come up with a choice of your own, then you may choose the merger of Hewlett Packard and Compaq Computers from about 10 years ago. When the merger was announced, it was widely criticized as not making 'economic sense.' The merger..
Marketing managers at Home Office Systems, which markets word-processing software to the household consumer, are in the process of preparing annual forecasts and budgeting. Based on their analysis, the following are forecasted for the next year: Sale..
The last printer added 20 books to total output, while the last press added 1,000 books to total output. Is the publishing house making the optimal input choice.
A university spent $1.8 million to install solar panels atop a parking garage. These panels will have a capacity of 500 kw, have a life expectancy of 20 years, and suppose the discount rate is 10%. If electricity can be purchased for costs of $0.10 p..
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