5 Price($/ton)4394003303001. Answer the following questions based on the below diagram of the U.S. steel industry. Forsimplicity, you may assume that the United States is a "small country" (except in part c.),and please note that the precise numbers in this question are strictly hypothetical.U.S. Steel Market80 88100130DomesticSupplyDomesticDemand¹142 50Quantity of Steel(in Millions of tons)What if the government decided to imposea tariff rate quota. Show the resultsgraphically (no calculations necessary) toinclude the net welfare effects if i) importswere less than the quota, ii) imports weregreater than the quota. Indicate the returnsto the government and / or quota rents inboth examples. Who receives the quotarents?

Tariff A tariff is a duty a nation imposes on imports of goods and services from another nation.…

Price ($/ton) 439 400 330 300 1. Answer the following questions based on the below diagram of the U.S. steel industry. For simplicity, you may assume that the United States is a "small country" (except in part c.), and please note that the precise numbers in this question are strictly hypothetical. U.S. Steel Market 80 8888 100 130 Domestic Supply Domestic Demand 1142 50 Quantity of Steel (in Millions of tons) What if the government decided to impose a tariff rate quota. Show the results graphically (no calculations necessary) to include the net welfare effects if i) imports were less than the quota, ii) imports were greater than the quota. Indicate the returns to the government and / or quota rents in both examples. Who receives the quota rents?

Price ($/ton) 439 400 330 300 1. Answer the following questions based on the below diagram of the U.S. steel industry. For simplicity, you may assume that the United States is a "small country" (except in part c.), and please note that the precise numbers in this question are strictly hypothetical. U.S. Steel Market 80 8888 100 130 Domestic Supply Domestic Demand 1142 50 Quantity of Steel (in Millions of tons) What if the government decided to impose a tariff rate quota. Show the results graphically (no calculations necessary) to include the net welfare effects if i) imports were less than the quota, ii) imports were greater than the quota. Indicate the returns to the government and / or quota rents in both examples. Who receives the quota rents?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

The table below is extracted from Goodland Republic Bureau of Statistics records for 2016 -2017. Use the information to answer the questions that follow. Goodland Economy 2017 and 2018 Item Price 2017 Price 2018 Production Price per unit Production Price per unit Rice (000tons) 50000 1.5 55000 2 Wheat (000 tons) 100000 2 98000 2.5 Tractor mid size( units ) 50000 23000 45000 24500 Cotton (000 tons) 120000 100 110000 120 Used Cars (00) 5000 5000 6000 7000 Manufacture Garments (000 tons) 150000 50 145000 70 Eggs (000 trays) 2000 2.5 2300 3.5 Coca cola (000litres) 6000 0.8 6500 1.2 Pepsi cola (000 litres) 700 1.1 850 1.5 Beef (000 tons) 5000 6.5 4800 8.5 Second hand clothes (000 tons) 500 15 450 25 Alcoholic Beverages (000 litres) 500 3.25 600 3.75 Milk (000) 7000 2.3 7500 2.5 Examine the status of the economic welfare in Goodland Republic in 2018 based on your GDP deflator, nominal GDP and Real GDP. Also, explain the reasons why it is necessary to…
Which one of the following descriptions is CORRECT?
1. Eastman Publishing Company is considering publishing an electronic textbook about spreadsheet applications for business. The fixed cost of manuscript preparation, textbook design, and web site construction is estimated to be $160,000. Variable processing costs are estimated to be $6 per book. The publisher plans to sell single-user access to the book for $46. a. Build a spreadsheet model to calculate the profit/loss for a given demand. What profit can be anticipated with a demand of 3,500 copies?b. Use a data table to vary demand from 1,000 to 6,000 in increments of 200 to assess the sensitivity of profit to demand.c. Use Goal Seek to determine the access price per copy that the publisher must charge to break even with a demand of 3,500 copies. d. Consider the following scenarios: Scenario 1 Scenario 2 Scenario 3 Scenario 4 Scenario 5 Variable Cost/Book $6 $8 $12 $10 $11 Access Price $46 $50 $40 $50 $60 Demand 2,500 1,000 6,000 5,000 2,000 For each of these scenarios,…
Total price: $307.32 Tax or tip rate: 20% Enter the correct answer
Sonia is planning to start a new designer cloth shop. Her problem is to decide how large her shop should be. The annual returns will depend on both the size of her shop and a number of marketing factors related to the current market conditions and demand for designer wear. After a careful analysis, Sonia came up with the following table: Size of shop good market (R.O) fair market (R.O) poor market (R.O) Samll scale 1024 9765 -500 Medium scale 1500 3000 -2000 Large scale 2000 3000 -4000 Very large scale 3000 5000 -7000 a)what will be her decision based on Pessimist criteria? b) what will be her decision based on Optimistic criteria? c) what will be her decision based on Laplace criteria?
17. Prices of the inputs in China were less compared to the USA. Companies established their large-scale production centers in China. The factor that is discussed here in this example is related to _____. a. Low cost of factors of production in China b. Government Policy of China c. State of Technology in China d. Weather conditions in China
Show transcribed image text Honda Motor Company is considering offering a $2,000 rebate on its minivan, lowering the vehicle's price from $30,100 to $28,100. The marketing group estimates that this rebate will increase sales over the next year from 42,000 to 54,400 vehicles. Suppose Honda's profit margin with the rebate is $5,260 per vehicle. If the change in sales is the only consequence of this decision, what are its costs and benefits? Is it a good idea? Hint: View this question in terms of incremental profits. The cost of the rebate will be $ ____ million. (Round to one decimal place.) The benefit of the rebate will be $ _____ million. (Round to one decimal place.) Is it a good idea? does or does not Offering the rebate ____ look attractive.
Sub : EconomicsPls answer very fast.I ll upvote correct answer. Thank You Frustrated with DTCs monopoly, several diamond mining interests and large retailers collectively set up a joint venture called Adamantia to act as a com- petitor to DTC in the wholesale market for diamonds. The wholesale price is now given by P =120−QD −QA, where QA is the quantity that Adamantia chooses to sell. Assume that Adaman- tia also has a cost of 30 (hundred dollars) per high-quality diamond. Answer the following questions and show your work. (A) Write DTC’s profit, ΠD, in terms of QD and QA in this duopoly situation. Find the DTC’s best response function. (B) Write Adamantia’s profit, ΠA, in terms of QD and QA. Find the Adamantia’s best response function. (C) What quantity does each wholesaler supply to the market in Nash equilibrium? (D) What wholesale price do these quantities imply? What will the Nash equilib- rium profit of each supplier be in this duopoly situation?
1-23 Golden Age Retirement Planners specializes in providing financial advice for people planning for a comfortable retirement. The company offers seminars on the important topic of retirement planning. For a typical seminar, the room rental at a hotel is $1,000, and the cost of advertising and other incidentals is about $10,000 per seminar. The cost of the materials and special gifts for each attendee is $60 per person attending the seminar. The company charges $250 per person to attend the seminar, as this seems to be competitive with other companies in the same business. a.How many people must attend each seminar for Golden Age to break even? b.If 75 people were to attend, has the company made a profit or loss? (show your work and highlight the answer).
Mm.14. Subject :- Economic
1-18 Katherine D’Ann is planning to finance her college education by selling programs at the football games for State University. There is a fixed cost of $400 for printing these programs, and the variable cost is $3. There is also a $1,000 fee that is paid to the university for the right to sell these programs. If Katherine was able to sell programs for $5 each, how many would she have to sell in order to break even?
WHAT HAPPEN TO THE PHILLIPINE AIRLINE DURING COVID 19 COMMUNITY HOME QUARANTINE? WHAT HAPPEN TO THE THE EMPLOYEES OF PHILLIPINE AIRLINE? HOW DID THIS AFFECT BOTH COMPANY AND EMPLOYEES. WHAT ACTIONS WERE TAKEN BY THE COMPANY TO RESOLVE OR LESSEN THE IMPACT TO THE BOTH AFFECTED STAKEHOLDERS