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The Lexus LS 430, the top of the line Lexus sedan, riad a base price in Canada of C$85,700 during the fall of 2005. Restated in US dollars using the exchange rate prevailing then, that price is $71,885. In the US during the fall of 2005, the same car had a base price of $56,525. Thus, the LS 430 was 27 percent more expensive in Canada, a difference that is substantial even after recognizing that Toyota could export cars from Japan to the US duty free but had to pay a 6.1 percent tariff on cars exported to Canada. (The LS 430 is produced only in Japan.) The Canadian government helped to maintain this price difference by making it very costly and administratively difficult for a Canadian to buy a car in the US and then import it for use in Canada. Explain whether the US-Canadian price difference implies that Toyota would have earned greater profit shipping more of the LS 430 models to Canada and less to the US. Construct a diagram to illustrate your answer.
Joan is deciding where to spend her spring break. If she goes to Cancun, Mexico, the trip will give her 9,000 utils of satisfaction and will cost her $300. If, instead, she travels to Florida, the trip will give her 5,000 utils of pleasure and w..
Compute the price or output combination and the total economic profits which would result if competitors offer clones which make the QuickerBetter market competitive.
Explain how each of the following will affect the relative values of the dollar and the euro:
In the following list a number of well-known companies and the products that they sell. Which of the four types of markets (perfect competition, monopoly, monopolistic competition, and oligopoly)
Discuss the use of Gross Domestic Policy (GDP) to measure the business cycle. Discuss the roles of government bodies which determine national fiscal policies.
Suppose that a perfectly equal distribution of income existed in Disneyland. Which of the reccent residents would have the same income he or she has in present distribution?
What was the cross-exchange rate between the Real and the Peso in 2001? Real____/Peso. What was cross-exchage rate between Real and Peso in 2002? Real_____/Peso.
Assume that there're 10 million workers in Canada and South Korea and each worker in Canada and South Korea can manufacture four cars per year.
According to the neo-classical economic theory, the market is a natural, self-regulating system that tends automatically towards the full employment equilibrium of supply and demand.
What is opportunity cost? Explain with the help of an example, why assumption of constant opportunity cost is very unrealistic? Explain law of demand with the help of a demand schedule and demand curve.
Between your answers to parts b and c, which prices/capacity are best applied from a social welfare perspective? Why?
"If every employer hired its best qualified applicants for a job at every opportunity, the phenomenon of black poverty (as distinct from poverty) could be wiped out in ten years." Do you agree/disagree? Comment.
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