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The markets for natural resources such as copper are constantly adjusting to changes in both supply and demand. With this in mind, use supply and demand diagrams to answer the following questions: (a) How we would the market price of copper to change if two years from now, some unexpected and unforeseen political unstability in Chile (the world’s largest producer of copper) would lead to the closing of the copper mines in Chile. (b) How would your argument in part a change if, instead of the mine closures being unanticipated, it was actually easy to see the closures coming so none of the key market participants would be caught by surprise when actually it happens. (c) In the context of your answers to parts a and b, carefully explain why economists generally believe that speculation improves economic welfare.
Bank of America is involved in the banking of over 80 countries and helps countries to finance the government as well as businesses. Bank of America has the largest market share in the banking industry. Is it a monopoly that controls the entire banki..
Consider the following firm with the production function Q=F(L)=2L^1/2. L=labor. Wage w=12. Fixed costs are FC=500(sunk cost). Derive the short run cost function. Graph this function using excel.
Because of its effect on the amount of capital per worker, in the short term an increase in the working population is likely to
Ricardian equivalence implies
A group living in the United States in 2004 consisted of fifteen households with no elderly members. There were five single individuals living separately from each other (less than 65 years old). Their incomes were $7,000, $7,500, $8,000, $9,000, and..
What is the effectiveness of such global treaties as The Kyoto Agreement to alleviate global environmental issues (global warming, acid rain, etc.). Should the United States take a more active role in these agreements?
measured in thousands of units and price (P) is measured in dollars per unit. The equilibrium quantity in this market it.
In the medical care sector, the decisions of what services should be produced, how they should be produced, how they should be distributed, and how to allow for growth and innovation must be made. What combination of non-medical and medical goods and..
Illustrate what would happen to total employment, the size of the labor force, and the unemployment rate? Show the results graphically.
The owner of an exhaustible resource should ________ current extraction rate if the expected price increase of the resource is ________ the interest rate.
Tom earns $15 per hour for up to 40 hours of work each week. He is paid $30 per hour for every hour in excess of 40. Tom faces a 20 percent tax rate and pays $4 per hour in child care expenses for each hour he works. For all hours Tom works up to his..
Assume a perfectly competitive firm is producing a level of output at which MR
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