User Account

All Pages

Find the domestic price of hula beans that will result

Assignment Help Microeconomics
Reference no: EM13321684

The domestic supply and demand curves for hula beans are as follows:

Supply:   P = 50 + Q

Demand :P = 200-2Q

where P is the price in cents per pound and Q is the quantity in millions of pounds. The U"S. is a small producer in the world hula bean market, where the current price (which will not be affected by anything we do) is 60 cents per pound. Congress is considering a tariff of 40 cents per pound. Find the domestic price of hula beans that will result if the tariff is imposed. Also compute the dollar gain or loss to domestic consumers, domestic producers, and government revenue from the tariff.

Reference no: EM13321684

Questions Cloud

Why is there a social cost to monopoly power : Why is there a social cost to monopoly power? If the gains to producers from monopoly power could be redistributed to consumers, would the social cost of monopoly power be eliminated? Explain briefly.
Why is there no market supply curve under conditions of : We write the percentage markup of price over marginal cost as (P - MC)/P. For a profit-maximizing monopolist, how does this markup depend on the elasticity of demand? Why can this markup be viewed as a measure of monopoly power?
Cigarettes are subject to a federal tax which was about 40 : Cigarettes are subject to a federal tax, which was about 40 cents per pack in 2007.What does this tax do to the market-clearing price and quantity?
Repeat for a 50-cents-per-gallon gasoline tax : Currently, the social security payroll tax in the United States is evenly divided between employers and employees. Employers must pay the government a tax of 6.2 percent of the wages they pay, and employees must pay 6.2 percent of the wages they rece..
Find the domestic price of hula beans that will result : Find the domestic price of hula beans that will result if the tariff is imposed. Also compute the dollar gain or loss to domestic consumers, domestic producers, and government revenue from the tariff.
How will the new tax affect the beer market : Among the tax proposals regularly considered by Congress is an additional tax on distilled liquors. The tax would not apply to beer. The price elasticity of supply of liquor is 4.0, and the price elasticity of demand is -0.2. The cross-elasticity of
What was the u.s. domestic price of the metal : If the United States eliminates the tariff and the voluntary restraint agreement is approved, what will be the U.S. domestic price of the metal?
Calculate the tax revenue collected by the government : The United States currently imports all of its coffee. The annual demand for coffee by U.S. consumers is given by the demand curve Q = 250 –l0P, where Q is quantity (in millions of pounds) and P is the market price per pound of coffee. World producer..
Had the government not given the wheat back to the farmer : In 1983, the Reagan administration introduced a new agricultural program called the Payment-in-Kind Program. To see how the program worked, let"s consider the wheat market:

Reviews

Write a Review

Microeconomics Questions & Answers

  The countries of figistan and blah are small island country

Sketch the ppf ’s for both countries.d. Assuming no trading between the two, if both countrieswanted to have equal numbers of feet of timber and basketsof fruit, how would they allocate workers to the two sectors?

  What is the immediate impact on the equity ratio

The bank issues a letter of credit to one of its corporate clients. What is the immediate impact on the equity ratio? What is the immediate impact on the equity ratio desired by the bank's management?

  Write an explanation for an interrogatory senator outlining

Suppose you are the chairperson of the Fed's Board of Governors at a time when the economy is depressed, and you are called to testify before a congressional committee.

  Obtain an equation for firms short-run total cost function

The miracle Manufacturing company Short run Average cost Function In 1997 Is AV=3+4Q , Whwer AC is The firms Average cost ($/pound)And Q Is its output rate. A) Obtain an equation For the firms Short-run Total cost function.

  Consider what you do for work on a day-to-day basis

Many people shy away from careers in selling, often because they think they are not outgoing enough, or because salespeople are dishonest or pushy. In this weekly research paper, describe your most memorable experience with a salesperson that was ..

  Concept for regulating depository financial institutions

The free market is the best regulator of business." Explain why United States public has not accepted this idea for regulating depository financial institutions.

  What does characteristics of a good brand name include

Emil Flores won't buy any coffee except "Blue Mountain"--a relatively expensive type that few stores sell. He used to have to drive about 10 miles out of his way to buy it at a small shop--but now he has persuaded his local supermarket manager to ..

  The incentive of landlords to maintain their properties

Suppose that college students in your town persuaded the town council to enact a law setting the maximum price for rental housing at $200 per month.

  Interpretation of lagrange multiplier

Use method of Lagrange multipliers to find the cost function c(r,w,y). Find out the average and marginal cost. Find out the interpretation of the Lagrange multiplier in part (a)? What is the importance of term (a+b) being less than, equal to, or grea..

  What is appropriate balance btwn private and public activity

What is the appropriate balance between private and public (i.e., government) activity. Think of a case where the government has intervened (or it was suggested that government intervene) in a previously private market

  What assumptions are necessary for a market to be perfectly

What assumptions are necessary for a market to be perfectly competitive? In light of what you have learned in this chapter, why is each of these assumptions important?

  Why a firm in a competitive industry charge the market price

If a firm charges less than the market price, it loses potential revenue. If a firm charges more than the market price, it loses all its customers to other firms.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd