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What is the infant-industry argument for protection? How must this argument be qualified?
What are the fallacious and questionable arguments for protection? Why are they fallacious and questionable?
What are the technical, administrative, and other nontariff barriers to trade? How do they restrict trade? What is the importance of these nontariff trade barri
Explain the forces at work that lead to the redistribution of income in your answer to Problem 8, in a way analogous to the explanation given in Section 8.4c.
Suppose imports are banned, raising the price to $0.30. Draw a graph to show the new equilibrium and identify the new equilibrium quantity.
Draw a long-run supply curve for haircutting in your city. Draw demand and supply graphs to show the short-run and long-run effects.
Suppose the long-run supply curves in the two countries have the same slope. Show the long-run effects of the increase in demand.
Draw a long-run supply curve for housing for each city, and explain any differences between the two supply curves.
Suppose the price of copper increases from $1,500 to $2,500 per ton. Use the midpoint formula to compute the price elasticity of supply for copper.
Using the formula for the elasticity of supply in the earlier chapter on elasticity, compute the price elasticity of supply.
What is the usefulness of the concept of effective protection? How is the rate of effective protection measured?
What is meant by the protection cost, or deadweight loss, of a tariff? How is this measured?
What is meant by the consumption, production, trade, revenue, and redistribution effects of a tariff?
What is meant by an ad valorem, a specific, and a compound tariff? Are import or export tariffs more common in industrial nations? in developing nations?
It takes a phlebotomist 15 minutes to complete a blood draw. What are the average and incremental costs of blood draw when the volume is 10,000?
Discuss what you see as the main similarities and differences between Three Mile Island and Chernobyl.
Use the causal view of structure, conduct, and performance to explain the role of differentiation in the market for pizza.
Discuss at least two methods in the acronym that Tim may use to update his App to 2014? How will you use these methods in developing your feasibility study?
Determine the level of output where average total cost is minimizedb. Assume that the firm is part of a less than perfectly competitive.
Two students are to take an exam, an the professor has instructed. Derive the strategies that survive the iterative deletion of strictly dominated strategies.
Who bears the bulk of the housecleaning tax, wealthy households or poor ones? Is it reasonable that only one-third of the tax is shifted forward?
How does the elimination of the tax affect the equilibrium price of hotel rooms? How does the elimination of the tax affect the wages of hotel workers?
Draw a graph showing the initial equilibrium. Compute the consumer surplus before the import ban and after the ban.
What are the implications for the mix of high- and low-quality apples in apple-growing areas and other regions? Where will most of the high-quality apples be so
Draw a complete graph showing Petrov's initial budget line and his initial choice. At his initial choice, the marginal utility per dollar on gasoline is utils.