Suppose that the production of $500,000 worth of steel in the United States requires $100,000 worth of iron ore. The U. S. nominal tariff rates are 15 percent for steel and 5 percent for iron ore. Given this information, the effective rate of protection for the U. S. steel industry is approximately

The effective rate of protection for the U.S. steel industry is approximately 17.5%

Explanation:

Mathematically, the effective rate of protection is calculated as follows;

e = (n-ab)/(1-a)

where n is the nominal tariff rate on the final product , a is the ratio of the value of the imported input to the value of the finished product and b is the nominal tariff rate on the imported input

Mathematically;

a = value of iron ore/value of steel = 100,00/500,000 = 1/5 = 0.2

From the question, we can see that nominal tariff rate for steel n = 15% = 15/100 = 0.15

The nominal rate for iron ore b = 5% = 5/100 = 0.05

So we substitute all of these into the equation of e above

e = {0.15-0.2(0.05)}/(1-0.2) = (0.15-0.01)/0.8 = 0.14/0.8 = 0.175 which is same as 17.5%

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1) the stages a new product goes through from beginning to end, i.e., the stages that a product passes through from introduction through growth, maturity, and decline. 2) the time from initial research and development to the time at which sales and support of the product to customers are withdrawn. 3) the period of time during which a product can be produced and marketed profitably.

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