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Consider the market for Canadian maple syrup. The demand and supply functions for Canadian maplesyrup are given by:
QD = 500 – 100PQS = 150P
(a) Find the initial equilibrium price and quantity of Canadian maple syrup.
(b) Calculate the initial consumer surplus (CS) and producer surplus (PS).
(c) Suppose that maple syrup producers in Vermont successfully lobby Congress to restrict the import ofmaple syrup from Canada. Congress imposes a quota of 150 bottles. Calculate the consumer surplus(CS), producer surplus (PS) and DWL after the imposition of this quota.
Suppose in 2012 you buy 3% coupon rate, $100 face value bond for $100 that has 2 years left till maturity. If in 2013 interest rates decrease to 1%, what will be the price of your bond and what will be your rate of return if you decide to sell it?
Explain the implications of those classifications on tax revenue collections when the per-unit tax increases as opposed to decreases.
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A piece of land has a market value of $2000 per acre, if used for agricultural purposes. A land ‘speculator’ buys the land, paying $3000 an acre. Five years later she sells it to a house builder for $7,000 an acre. Assuming the land market and housin..
Suppose the firms in a monopolistically competitive market are incurring economic losses. What will happen to move the market to its long-run equilibrium?
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An ironic twist in Rawls’ Theory of Justice is that although he claims to base his theory of rights on the natural law theory of John Locke and Kant’s deontology, it turns out in the end to be a version of _______________
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Suppose U.S. Steel has a steel factory on the Monongahela River in Southwestern PA. Suppose further that steel is sold in a competitive market at a price of $5 per unit. The private marginal cost of steel production is MC(s) = 2 + 0.5s. What is the p..
Recent research has documented the fact that Coke is something different compared to other soft drinks. In fact related literature states that Coke has already attained the monopoly status. If we assume the research is correct and coke is a monopolis..
Suppose that you own a 10-acre plot of land that you would like to rent out to wheat farmers. For them, bringing in a harvest involves $35 per acre for seed, $80 per acre for fertilizer, and $70 per acre for equipment rentals and labor. What if the p..
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