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In May 2015, China and Brazil ended a Chinese trade embargo on Brazilian beef in effect since 2012. Brazil’s Agricultural Ministry said it expects to have 26 plants ready to ship meat to China by June, freeing up some $520 million in exports. (Source: WSJ, May 20, 2015)
Assume that domestic beef price in China would be higher without import. Illustrate the welfare impact of Brazilian beef import on Chinese consumers and Chinese beef processing industry using demand and supply curves.
What is Chinese consumers gain or loss? What is Chinese beef processors’ gain or loss? Change in total domestic welfare?
From a policy point of view, does the evidence in Adults Adrift support a screening or or human capital model of education. How would the answer to this question affect any policy prescriptions you have? If schools are not sufficiently endowing human..
If the demand for used cars decreases after the price of a new car fallls, used cars and new cars are
what compounded annual increase in cost is this? how does the increase in the cost of natural gas compare to a 3% annual rate of inflation during the same period of time?
Using this demand function, find the total revenue function. What is the shape of the total revenue function.
Is the budget deficit of a country linked to its current account balance? If so, how so? If not, why not? Explain how it is possible for the United States’ current account deficit to grow while the budget deficit has disappeared. When looking at a na..
Assume that all individuals have identical preferences but some individuals are wealthier than others. Assume there is a simple public good and a single private good. Show diagrammatically how you derive the demand curve for the public good, as a fun..
The F-statistic is an alternative measure of goodness-of-fit of an estimated regression equation and defined as the: a)variation not explained b)variation explained c) variation not explained by the regression equattion relative to the variation expl..
Consider a firm that uses two inputs: skilled workers and computers. Explain what it means if skilled workers and computers are complements in production. Specifically, if the price of computers falls, and skilled workers and computers are complement..
What are the four factors which both expected and unexpected,perpetuate the business cycle.
In microeconomics we are concerned about markets being in equilibrium. This refers to the point at which price, supply, and demand, are in equilibrium. What it means to have a market in equilibrium, and how changes in supply or price would affect thi..
What economic principle determines the optimal rotation period of a forest resource?
what is lowest price that will induce firms to supply output. Suppose PI = $40, F = 50 and demand function is Qd = 700! 6P, n if government sets a price of $50 what will be result.
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