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Suppose the following: (i) two countries each with demand for a homogeneous good given by P(Q) = 40 − Q. (ii) in Country A there is one firm with a marginal cost of production of cA. (iii) in Country B there are two firms, each with a marginal cost of production of cB. (iv) competition in relevant markets is Cournot. (a) Find for each country expressions for the equilibrium price and firm profits and quantity under the assumption that no trade between the two countries occurs. (b) Now assume a state of free trade exists between the two countries. Derive expressions for each firm’s quantity supplied and Country A’s imports. [Hint: Show that the global demand curve is P(Q) = 40 − Q/2.] For what values of cA is Country A an importer? If cB = 10 and cA = 8, is the trade pattern globally efficient? For cA = 2 and cB = 10? (c) Assume that cB = 10 and cA = 8. Which country would benefit by imposing a $2 per unit tariff on imports? By how much would total surplus increase? Who gains and who loses—and by how much?
Explain what are the implications of this for the relative stability or instability of the prices of pork and lamb compared with other foodstuffs.
A total of 10 players are each choosing a number from (0,1,2,3,4,5,6,7,8). If a player's number equals exactly half of the average of the numbers submitted by the other nine players, then she is paid 100 dollars; otherwise, she is paid 0. Solve for t..
q.referring back to the class example on money creation assuming thata initially the central bank in swede world puts
In the real business cycle theory, if longrun aggregate supply increases, then longrun aggregate demand increases by
What are some examples of powers exercised via federalism today at the state level, and how does the Supremacy Clause in the Constitution actually limit this arrangement?
The federal tax code allows businesses but not individuals to deduct the cost of health insurance premiums from their taxable income. Consider a company named HeadBook that could either spend $5,000 on an insurance policy for an employee named Vaness..
What is the fixed cost of running this business for one year? What is the marginal cost of selling one set of earrings? Does the marginal cost change depending on quantity sold? If so, how? If Mel’s goal is to maximize economic profit, how many bags ..
The owner of a small printing company is considering the purchase of additional printing equipment to expand her business. If the owner expands the business and sales are high, projected profits (minus the cost of the equipment) should be $90,000; Ar..
The local city government has the offer of a gift. The donor wants to donate toward perpetual upkeep of the newly built park. If the upkeep cost is $25,000 per year and her gift as a long term investment can earn 8% annually,
A continuous annuity with withdrawal rate N = $1,800/year and interest rate r = 2% is funded by an initial deposit P0. When will the annuity run out of funds if P0=$89,000? The annuity runs out after approximately__ years. Answer to the nearest whole..
Below are percentages for annual sales growth and net sales attributed to loyalty card usage at 74 Noodles & Company restaurants. Annual Sales Growth (%) and Loyalty Card Usage (% of Net Sales) (n = 74 restaurants) Store Growth% Loyalty% Store Growth..
Illustrate what was the impact on the supply and demand of labor on one sector of the labor market. Explain the factors that affected labor demand and labor supply in the chosen historical example.
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