estimated elasticity

Project Description:

project part 1 introduction: different economic studies estimate the price elasticity of demand for certain goods, some of which are reported on page 176 of the hubbard/o’brien textbook. the following table presents select elasticity of demand estimates from those reported on page
project part 2 introduction: suppose that the u.s. currently buys and produces wingdings, a fictitious economic good. the u.s. faces the world price, and domestic suppliers sell as many wingdings as possible at the world price. now, the government succumbs to lobbying by wingding producers and imposes a protective tariff on wingdings amounting to $2 per
wingding. the graph below represents this situation.
part ii. allowing free trade between countries can be beneficial, but it also imposes costs. use the internet to research costs and benefits of allowing free trade. discuss aspects of international trade that some may consider unfair.
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Price Type: Negotiable

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