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(Trade Restrictions) Suppose that the world price for steel is below the U.S. domestic price, but the government requires that all steel used in the United States be domestically produced.
a. Use a diagram like the one in Exhibit 5 to show the gains and loses from such a policy.
b. How could you estimate the net welfare loss (deadweight loss) from such a diagram?
c. What response to such a policy would you expect from industries (like automobile producers) that use U.S. steel?
d. What government revenues are generated by this policy?
A monopolist has two types of customers. There are 100 of type A, who will each pay up to $10 for a single unit of the good, and 50 of type B, who will each pay up to $8. Neither is willing to purchase additional units at any price. If it must cha..
Calculate the multiplier (M) and equilibrium GDP for the following: Autonomous Consumption (dissaving) = 1200, G = 1850, I =1390, (EX - IM) = 270, and MPC = 0.72.
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Mapleville Tennis & Golf Club offers golf and tennis memberships to the residents of Mapleville. Market research has found there are two types of families living in the city: 120 golf-oriented families and 100 tennis-oriented families. Information..
Give two examples of variables that you would expect to be positively correlated. For each example, explain whether a causal relationship exists between the two variables.
Philadelphia, where trash and recycling pick-up are included in property taxes, to a smaller town where my taxes cover recycling but not trash pick-up. The waste management companies where I currently live offer several pricing options for garbage..
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