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Describe the alternative policies to tariffs. It has been said that tariffs generally lower world well being, lowers the well being of each nation, and whatever a tariff can do, something else can do better. Explain. The best answer will include PPF's and Indifference curves as well as Supply and Demand curves.
Consider that the current U.S. economic system is replaced with a system where everyone is paid exactly the same salary. Assume that each family would receive an equal share of GDP. Would you personally favor this system? Explain. What problems would..
George and Bill are stuck together on a desert island. There are two goods, Coconut (C) and Bananas (B). George has production function 5C+B=40, while Bill has production function C+3B=36. If they could not trade, George would choose to product 6C, w..
What happens to the regression F value if R2 decreases holding everything else constant?
What are the conditions for the four types of markets (perfectly competitive, monopolistic, monopolistic competitive and oligopolistic market)?
Which of the following markets is closest to a perfectly competitive structure? When, in the long run, all firms in a perfectly competitive market structure use the same production technique, then: The only difference between a perfectly competitive ..
As a car ages, maintenance costs usually increase. You estimate that maintenance costs for your car will be $300 a year for the first 3 years, $400 a year for the next 3 years, and will then increase by $50 a year for the remainder of the cars life. ..
Christine’s utility is determined by her wealth such that U=logW, where W is her wealth in dollars. If she has a current wealth of $1,000,000, what is the most she would willingly pay to insure against a 10% chance of losing half of her wealth?
Under perfect competition firms take prices as given. In that case, and under constant returns to scale, firms make 0 profits in equilibrium. Show that this is true for the Cobb Douglas production function, when firms rent capital from households at ..
Stoneware pottery company wants to determine how many bowls and mug should be produced per day in orde to maximize pofit given the labo rand material constraints. The unit profit value for bowls is $40 per unit, for mugs the unit profit value is $50 ..
The effect on the budget deficit is as follows:
Use the principles of supply and demand to address a predetermined goal (set by the student) in the gasoline market. Be clear on what the current market indicates and why and what your future goal is.
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