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1. Assume that imports increase supply. In terms of demand, supply and consumer surplus, why would consumers prefer more imports?
2. Assume that exports increase demand. In terms of demand, supply and producer surplus, why would producers prefer more exports?
3. Adam Smith studied a pin factory and found that 1 individual doing all tasks necessary to make a pin could only make several pins per day. Specialization among tasks in the factory, however, resulted in each person doing only one thing and the number of pins produced per worker increased to thousands of pins per day. He then wrote a book called The Wealth of Nations which was about specialization and trade. Do you think citizens in closed economies (e.g., North Korea or the old Soviet Union) that do everything for themselves, including things they are not very good at or that involve resources they do not have, and do not trade or compete are better off than citizens in competitive market economies that specialize and engage in international trade?
Consider the game of the battle of sexes. How would you modify the payoffs to (F,O) and (O,F) to reflect the following: Namely, the husband is unhappiest when he is at the opera by himself, he is a little happier when he is with his wife at the opera..
Suppose the demand for eggs is: Q=9,000-3,000P and the supply of eggs is: Q=-500+2,000P, where quantity is measured in millions (of eggs). Find the market-clearing price and quantity for eggs. Now suppose the cost of producing eggs increases such tha..
The U.S. government strongly encouraged unions to be formed in the early 1940s because they held the view that unions would help to
Gomez runs a small pottery firm. He hires one helper at $12000 per year,pays annual rent $5000 for his shop, and spends $20000 per year on materials. Calculate accounting cost, economic cost, accounting profit, economic profit for Gomez pottery firm,..
According to By the Numbers, approximately when was the last time the United States had a trade surplus? As a percentage of GDP, what was the highest trade surplus the United States has achieved? What was the highest trade deficit the United States h..
Describe what is meant by a dominant strategy. Given payoff matrix above, does each firm have a dominant strategy. Under what circumstances would re be no dominant strategy for one or both firms.
Use a supply-demand graph to demonstrate how the quantity and price of medical services are expected to be affected if we went from a world without insurance to a world where the government covered 90% of all medical costs.
q1. how are protectionist policies from other countries predicted to affect chinas relative supply and relative
The cost function for a firm is given by TC = 6,000 + 12.5Q. The firm sells output in a perfectly competitive market and other firms in the industry sell at a price of P = 25 - 0.5Q. (i) What level of output should be produced to maximize profits?
By what percentage do the total assets decline by bank. By what percentage does the bank's capital decline. Illustrate which change is larger.
Why does the government have a bad reputation of being inefficient? And if it is inefficient in some areas and not others, does that mean they should privatize the inefficient responsibilities?
To purchase a house for $80,000, a new couple has $12,000 available for down payment. get a new standard mortgage with 10% APR interest compounded monthly for a 30-year term. What is the effective rate for option 2 per year? Compute the monthly payme..
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