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1. calculate the Domestic Price and consumption before and after the imposition of tariff.
2. What is the world price of the imports before and after the imposition of the tariff?
3. Does this country benefit from the imposition of tariffs? By how much?
b. Identify the dominant strategy for both firms and the dominant strategy equilibrium. c. Is the above equilibrium Nash equilibrium? Is it Pareto efficient allocation? Why?
d. Assuming the game is one-shoot game and Firm 1 moves first represent it in extended form.
5%, production of oil by OPEC and the former Soviet Union would increase, and
deliveries of new tankers would exceed scrappage of older vessels. (Source: Platou
Report , www.platou.com).
a. Using suitable diagrams, explain how each of the following would affect the market
for tanker services: (i) a fall in oil prices; (ii) an increase in production by OPEC and
the former Soviet Union; (iii) new tanker deliveries; and (iv) scrappage of older
b. Suppose that the net effect is to increase tanker rates. Illustrate the net effect on a
single diagram. Explain the impact on the quantity of tanker services used.