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Sugar Import Ban. Suppose that initially there are no controls on sugar imported into the United States, so the price paid in the United States equals the prevailing world price.
a. If the world price is 13 cents per pound, what areas of the world supply sugar to the world market and the United States?
b. Suppose the United States bans sugar imports. The new price of sugar will be at least $_________.
Suppose that they are thinking of each specializing completely in the area in which they have a comparative advantage, and then trading at a rate of 2.5 pounds of potatoes for 1 chicken, would they each be better off. Which person has comparative ..
How would you test the hypothesis that the error term in the popula- tion regression is normally distribute? Show the necessary calculations.
Jim's utility function is U(x, y) = xy. Jerry's utility function is U(x, y) = 1,000xy + 2,000. Tammy's utility function is U(x, y) = xy(1 - xy). Oral's utility function is U(x,y)= -1/(10+2xy).Marjoe's utility function is U(x, y) = x(y + 1,000). Pa..
What happens to those factor prices when the price of cloth rises? Who gains and who loses from this change in the price of cloth? Why? Do those changes conform to the changes described for the case with factor substitution?
Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0% Intercept 123034.4703 23311.13897 5.277926165 0.000358709 71094.01589 174974.9248 71094.01589 174974.9248 y 0.238078372 0.017797354 13.37717818 1.04516E-07 0.19842..
Daniel deposits $20,000 into an account earning interest at 6 percent per year compounded quarterly. He wishes to withdraw $400 at the end of each month. For how many months can he make these withdrawals
A company's marketing dept. obtained information from 10 of the firm's outlets. The information consists of the qty. and price of the products sold at each outlet from the distribution center.
What are the marginal abatement cost functions for each of the two areas? Calculate the loss in the two areas due to over-control (for the rural area) and under-control (for the urban area).
Estimate the OLS regression for pounds (y) vs. candy (x) - perform the Breusch-Pagan test for heteroskedasticity
Matt Christpher is a 25 year old mechanical engineering and his salary next year will be $60,000.Matt expects that his salary will increase at a steady rate of 5%per year until his retirement at age 65.if he saves 10% of his salary each year
I have two goods, Xb and Xw, for beer and wine, and I need to draw the indifference map and determine the MRS. U(Xb, Xw) = min { Xb; aXw}, a>0. What do I need to do here? What does this look like?
a. Find the uniform continuous probability for P(X 645) for U(0, 1,000). c. Find the uniform continuous probability for P(30
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