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A small country can import a good at a world price of 10 per unit. The domestic supply curve of the good is
S = 20 + 10P
The demand curve is
D = 400 - 5P
In addition, each unit of production yields a marginal social benefit of 10.
a. Calculate the total effect on welfare of a tariff of 5 per unit levied on imports.
b. Calculate the total effect of a production subsidy of 5 per unit.
c. Why does the production subsidy produce a greater gain in welfare than the tariff?
d. What would the optimal production subsidy be?
a widget manufacturers production function is specied as y kl 64k12 l12 in the short-run the widget producer fixes
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How could you use this software to fit a varying-coefficient model in some of the variables?
A small company heats its building and spends $8,000 per year on natural gas for this purpose. Cost increases of natural gas are expected to be 10% per year starting one year from now (i.e., the first cash flow is $8,800 at EOY one).
Is the effect on the price of toys the same or different? Why is a standards policy preferred to tariffs?
i a competitive firms short run total cost function is given bytc q2 40 q 81a determine the range of prices for
A college student is considering whether to operate a lawn-mowing business for the summer or work in a business owned by his family. His time is worth $w1 per our and he can work as many hours as he chooses in the family business at this rate.
Calculate the efficient Pigouvian tax to correct the externality in worked-out problem 20.1 (page 758). Show graphically and algebraically that, with this tax, the competitive equilibrium will be efficient.
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