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Microeconomics Take Home Excercise Answers

Here are the answers to the take-home questions given in class:

Question 1:

a.    $12
b.    50
c.    $15
d.    30
e.    $250
f.    $122.50
g.    $250
h.    $422.50
i.    $500
j.    $545
k.    $45

Question 2:

a.    $6, 84
b.    66
c.    44
d.    $384
e.    $294
f.    $45
g.    $80
h.    $44
i.    $11

Question 3:

  1. National security argument vs. “what’s really important for national security?”
  2. Infant industry argument vs. “can government pick winners and losers better than the market?” and “how long will it need to be protected?”
  3. Unfair competition argument vs. “why not let their taxpayers subsidize our consumers?”
  4. Jobs argument vs. long-run benefits of moving people to more productive work
  5. Bargaining-chip argument vs. “what if it doesn’t work?”
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