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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?
Currently, at a price of $1 each, 100 popsicles are sold per day in the the perpetually hot town of Rostin . Consider the elasticity of supply. In the short term run, a price increase from $1 to $2 is unit-elastic (Ex=1.0)
For hotdogs, the average fan's MU for units 1, 2, and 3 is 150, 125, and 80 utils. For soda, MU for units 1, 2, and 3 is 130, 100 and 60. For nachos, it's 140, 120 and 100. The average fan spends $25 per night on concessions. Hotdogs cost $5, nach..
Determine how pricing relates to elasticity of demand for competing models.
What is the substance required to cleave the vector DNA during recombinant DNA technology?
The Parker Company's stock has a beta of 1.2. The risk-free rate is presently 5 percent and the market risk premium is 4%. Calculate the new required return if the slope of the SML is now 0.05
Do you believe that prices and wages in your model are covariance stationary? Why or why not, and how could you adjust your model accordingly
Assume that the LM curve for a small open economy with a fixed exchange rate is given by Y = 200r - 200 + 2(M/P). This IS curve is given by Y = 400 + 3G - 2T + 3NX - 200r. The function for the net exports is NX = 200 - 100e, where e is the..
Net income from nonfarm unincorporated business, including rent 35 Personal consumption expenditure 398 Imports 170 Undistributed corporate profits 7 Personal taxes 136 a) use expenditure approach to compute GDPb) Calculate NDP c) Calculate NNI
(The Private Sector) Look at Exhibit 4. How have government outlays as a percent of GDP changed in the industrial countries depicted between 1994 and 2004? Why has Japan been an exception to the trend?
These data were used to build a multiple regression model to predict the job performance of new hires based on age and GPA. The results of the analysis are shown below. Regression Analysis: Job Performance versus Age, GPA
suppose you work for an original equipment manufacturer (OEM) who makes component pieces for a telecommunication company. The telecom company asks you for a price quote for 2,000,000 units that will require a $1,000,000 investment
What percentage of expenses is covered above $3600 annually? Why might the new coverage boost the price of prescription drugs?
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