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The US market of rice is described by the following domestic supply and demand equations: QdUS = 200 – 2 P , QsUS = -100 + 3 P where QdUS and QsUS represent the quantities demanded and supplied (in millions of tons) and P is the price per ton of rice (in hundreds of $). c) But the US not only produces but also imports rice. Now assume that foreigners are allowed to sell rice in the US. Assume that the foreign supply equation is QsF = - 200 + 5 P What would be the new equilibrium price of rice in the US when rice imports are allowed? (Hint: what is now the market (total) supply equation of rice?) Draw in only ONE graph the equilibrium situation before and after rice imports.
Define carefully the difference between movements along the AD curve and shifts of the AD curve. Explain why an increase in potential output would shift out the AS curve and lead to a movement along the AD curve. What would be the effect of a decreas..
Consider a firm that produces using only labor and capital. It can produce 1850 units of output by using 4 units of labor and 20 units of capital, or alternatively 2000 units of output by using 5 units of labor and 20 units of capital. If the average..
Suppose the chartered banks decide to greatly reduce the availability of student loans that are guaranteed against default by the Canadian government. What would you expect to happen to the demand for credit cards by students?
Dogswell's marketing plans were ambitious, but were not working. What is their primary problem? Would money from the new investors solve the problem? What other options do they have? What do you recommend Giannini do to save the company?
Analyze the forms of aid to developing nations and determine which have the greatest and least amount of impact on a country during a natural disaster.
In a city, the Taxi industry is regulated by the Government Taxi Authority. A company can only supply taxi services, if it is issued a licence by the Government taxi Authority. Suppose that the Government Taxi Authority issues two licenses, to Big Be..
The demand for dog food, in pounds, is Q^D = 4 - 2P + (1/100)(1) where P is the price of dog food and I is income. Assume initially that P = 1 and I = 100. Using calculus calculate the price elasticity of demand for dog food. Using calculus calculate..
Illustrate what if, anything cans you conclude about the relationship between the prices of oil also the level of real GDP in the United States
Research and present one CEO (Chief Executive Officer) pay package. Does this CEO earn more money if the company performs well? What penalty does the CEO receive if the company does not perform well?
Which one of the following variables is most likely to increase as production effort is increased? Which one of the following variables is most likely to decline as production effort increases? The efficient price of a license fee is determined by th..
Elucidate how an economist could utilize the slope of the yield curve to analyze the probability that a recession will occur and why the spread may matter.
If a two linear demand curve run through a common point than at any given quantity the curve that is flatter is more elastic? Whether buyers or sellers bear the majority of the tax burden depends on who initially imposed the tax?
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