User Account

All Pages

What would be the equilibrium price and quantity

Assignment Help Microeconomics
Reference no: EM13981509

Qs=20P, Qd=200-20P

a) suppose the government impose a price floor of $8, what would be the equilibrium price and quantity? What is domestic consumer surplus? PS? DWL? Show in graph.

ignore a), suppose Pw=3

b) in the case of free international trade, how much corn is imported? What is the CS and PS? Show in graph.

c) suppose a $1 tariff is imposed on imported corn. What will the new equilibrium P and Q? CS? PS? DWL? Government tax revenue? Show in graph.

d) ignore c), suppose government impose an import quota such that equilibrium P=3.5. What is CS? PS? DWL? Show in graph.

 

Reference no: EM13981509

Questions Cloud

Department is budgeting miscellaneous expenses : Your department is budgeting miscellaneous expenses for the next 5 years. Your best guess at the annual inflation rate is 3.9% and the combined MARR is 15%. Expenses currently run $14,500 per year. Assume that expenses are end-of-year payments.
Suppose that consumers are all risk neutral : Suppose that consumers are all risk neutral and so they do not purchase health insurance. The equilibrium price of a doctor visit is $30, the supply of doctor visits is perfectly elastic, and the aggregate demand for doctor visits is given by Q=200-5..
Improvements in manufacturing operations : Reilly Global Communications (RGC), Inc., sells communications systems to companies that have worldwide operations. Over the next year, RGC will be instituting important improvements in its manufacturing operations.
Expansionary monetary policy by the foreign country : Expansionary monetary policy by the foreign country will lead to a _______ of the home currency, while expansionary monetary policy in the home country will lead to a _______ of the home currency.
What would be the equilibrium price and quantity : Qs=20P, Qd=200-20Pa) suppose the government impose a price floor of $8, what would be the equilibrium price and quantity? What is domestic consumer surplus? PS? DWL? Show in graph.ignore a), suppose Pw=3
Discuss how a department could better use its resources : The Kansas City study was the first attempt to look at what patrol really accomplishes. Using the results of the study, discuss how a department could better use its resources. Furthermore, review the following articles and integrate their research f..
Consider a competitive industry with several firms : Consider a competitive industry with several firms all of which have the same cost function, c(y) = y2 + 4 for y > 0 and c(0) = 0. The demand curve for this industry is D(p) = 50 − p, where p is the price. What is the long-run equilibrium number of f..
Find amount of labor input that maximizes farm surplus : Consider a production cooperative wish just two farmers. Each farmers chooses independently how much labor to supply to the cooperative. Each unit of labor is supplied at an opportunity cost of w. output is produced by means of a standard production ..
What fundamental changes took place in the revised matrix : What fundamental changes took place in the revised matrix above, which made the situation quite different from the original payoff matrix at the beginning? Please be succinct and to the point in your explanation.

Reviews

Write a Review

Microeconomics Questions & Answers

  How might strategic move give an advantage in bargaining

A strategic move limits one's flexibility and yet gives one an advantage. Why? How might a strategic move give one an advantage in bargaining?

  How has the composition of government spending changed

How has the composition of government spending changed since the 1960's? Support your answer with examples from the article.

  A form of price discrimination

Explain how each of the following is a form of price discrimination

  Recall law of diminishing marginal utility what occurs to

newspaper vending machines are designed so that once you have paid for one paper you have access to all the papers in

  Evaluate plan in terms of market incentives

Evaluate plan in terms of market incentives, one of the ten principles of economics, to work and current welfare programs. Is the Phelps' plan an improvement over current government policies? Discuss.

  Estimating supply and demand curve

Assume there are two services offered in economy: dance clubs and college education. Both require the use of limited resources, but not all of the resources used in each one can be readily transferred to the other.

  What extent do current administrative structures

Discuss the contribution of various scholars ( at least five but preferably more )to the developmet of public administration as a discipline

  The federal government recently ran a budget surplus

The federal government recently ran a budget surplus, but has since returned to running a budget deficit. Explain why reducing the budget deficit can cause short-term pain in the form of lower employment, higher unemployment, and a recession.

  Draw the demand and supply curves

Assume the demand and supply functions for a good are Qd = 200 - 5P + 0.002 INC0 , Qs = -100 + 8P , where INC0 is the exogenously determined average income- Find the equilibrium price and quantity if the average income is 45,000 dollars.

  Give the cost-benefit analysis for the company which has to

give the cost-benefit analysis for the company which has to decide whether to hire more staff or hire temporary workers

  More effective comparing with the tools of fiscal policy

Which one is more effective comparing with the tools of fiscal policy?

  Linux administrator performs

Linux administrator performs. Take this opportunity to describe the classes of administrative tasks and how they apply to the Linux environment. Adhere to MLA formatting and reference guidelines

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