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Assume Canada is a small open economy that imports some of the grapes it consumes.
a) Draw a diagram showing the equilibrium under free trade in grapes
b) Show the effects of a $1 per kg tariff on imported grapes.
Show the effect on : imports, Canadian production, consumption, the government's revenue, the change in (Canadian) producer surplus, consumer surplus, and total surplus.
c) What would be the effect of replacing the import tariff with an import quota? Which would be better? Explain.
Each of the following situations contains an assumption about price elasticity of demand. What is the assumption? For each situation state whether the assumption is accurate and explain your reasoning.
1. What is opportunity cost and what does it mean? 2. What are the eight guideposts to economic thinking and how to incentives fit into thinking like an economist? 3. What role does scarcity play in economic thought? Does Bill Gates face the problem ..
Why is the Gross Domestic Product important to policy makers and the ordinary civilian?
All other factors held constant, what would be the effect on the demand for money (M1) of each of the following situations. Explain the rationale behind your responses.
could you discuss that the drop in sales might be something less or something more than this. Use economic reasoning to justify your forecast.
Assume that firm #1 is the Leader. For this firm, calculate von Stackelberg profit maximizing level of output. Calculate the market price in von Stackelberg equilibrium and compare it to the Cournot-Nash equilibrium price.
Suppose production of this good provides an external benefit of $10 for each unit produced. What is the efficient quantity in this market? How might the government respond to correct this market failure?
Explain how might federal deficits crowd out private domestic investment. How does this crowding out affect future living standards.
Elucidate what is the difference among real GDP and nominal GDP.
Everything people do in their daily lives involves the consumption of resources-particularly energy. Using the M.U.S.E. link, review the background information and gather your data.
If the elasticity of demand is around 1.25 (in absolute value), what is the profit-maximizing price? What will the magazine publisher do in the long-run?
What role do imports play in aggregate demand? Under which conditions will changes in imports expand aggregate demand? Reduce aggregate demand?
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