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1. a. A small country imports industrial goods and exports agricultural goods. Both industry and agricultural are perfectly competitive. A new minimum wage law raises wages in industry but not in agriculture. However, all workers displaced from industry as a result of the new, higher wage find employment in agriculture. Is an import tax on industrial goods the best way to deal with any resulting problems? Why (not) ?
b. Your country imports cigarettes. Identical cigarettes are also produced inside your country in a perfectly competitive industry. The Government wishes to reduce the consumption of cigarettes. Is an import tax on cigarettes the best way to reduce cigarette consumption? Why (not) ?
Compute the percentage change in price and quantity (%ΔP, %ΔQd) by adding this one room. Calculate the Price Elasticity of Demand.
Draw the production possibility frontiers for the 2 countries. Draw the world relative supply curve for manufactures.
Consider a hypothetical closed economy in which households spend $0.75 of each additional dollar they earn and save the remaining $0.25.
If this is true, explain why does not just one state produce all of the orange juice for the U.S. market.
An investment currently costs $30,000 if the current inflation rate is 3% and the effective annual return on investment is 8%. Approximately how long will it take the future value to reach $45,000?
Suppose that the investment demand curve in a certain economy is such that investment declines by $100 billion for every 1 percentage point increase in the real interest rate. Also, suppose that the investment demand curve shifts rightward by $150 bi..
I am also going to invest $ 100000 of my saings which were earning an average annual rate of 6 % what is my opportunity cost of opening a restaurant?
Kris borrows some money in her senior year ti buy a new car. The car dealership allows her to defer payments for 12 months, and Kris makes 48 end-of-month payments thereafter. If the original note loan) is for $28,000 and interest is 0.5% per month o..
Suppose that two consumers care only about the goods that they own. (The goods are private for them.) Starting from a competitive equilibrium allocation, is it possible for both consumers to be made simultaneously better off by trading with each othe..
Gomez runs a small pottery firm. He hires one helper at $18,000 per year, pays annual rent of $8,000 for his shop, and spends $24,000 per year on materials. He has $40,000 of his own funds invested in equipment (pottery wheels, kilns, and so forth) t..
If the cost of rare earth (a resource for producing smartphones) increases, then supply for Samsung smartphones will _____, and quantity will _____.
Consider a palletizer and a bottling plant that has a first cost of $150,000. It has operating and maintenance costs of $17,500 per year, and an estimated net salvage value of $25,000 at the end of 30 years. Assume an interest rate of 8% per year. Wh..
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