User Account

All Pages

Calculate number of units of pasta imports for pasta land

Assignment Help Microeconomics
Reference no: EM131019305

Quiz 3-

You have the following information about the small, closed economy of Pasta Land. The domestic demand and supply curves for pasta in Pasta Land is given by the following equations:

Demand: P = 200- 2Qd

Supply:  P = 3Qs

1. Using the point elasticity formula, calculate the price elasticity of demand of pasta at the equilibrium point.

Now, assume that the world price of pasta is $60.

2. Calculate the number of units of pasta imports for Pasta Land at this world price.

Suppose the government introduces a tariff on pasta. The world price is still $60 per units of pasta and the tariff is equal to $30.

3. What is the value of producer surplus (PStariff) with this tariff?

4. What is the value of tariff revenue with this tariff?

5. What is the value of the deadweight loss (DWL) from this tariff?

Reference no: EM131019305

Questions Cloud

What do the output functions y become : Consider the circuits in Fig. with all PMOS transistors replaced with NMOS, and all NMOS by PMOS, and with ground and VDD connections interchanged. What do the output functions Y become?
Find the cross price elasticity of demand for steak : Find the cross price elasticity of demand for steak, using the arc-elasticity formula. Are steak and lobster substitutes, complements or neither
What is the final value voh reached at the output : Figure shows a PMOS transistor operating as a switch in the on position. (a) If initially Vo = 0 and at t = 0, vI is raised to VDD, what is the final value VOH reached at the output?
Explain the effects of such a policy on the market : Find the equilibrium price and quantity - Find the consumer surplus and the producer surplus and find the equilibrium price and quantity on this market.
Calculate number of units of pasta imports for pasta land : Using the point elasticity formula, calculate the price elasticity of demand of pasta at the equilibrium point. Now, assume that the world price of pasta is $60. Calculate the number of units of pasta imports for Pasta Land at this world price
Find the equation for a circle with a radius of nine : Find the equation for each of the following items below- A line that passes through (6,2) and has a slope of 2. A line that passes though the points (2,4) and (8,16) and A circle with a radius of 9 and a midpoint at (3,3).
What is the definition of comparative advantage : Draw Besaid Island's production possibility frontier with bicycles on the vertical axis and wheat on the horizontal axis - What is the definition of comparative advantage?
Determine producer surplus for this market : Suppose you have the following information about a demand curve. What is the equilibrium price and quantity? Determine consumer surplus for this market. Determine producer surplus for this market
How many shares need to be sold : What are the total indirect costs? (Enter the whole number for your answer, not millions (e.g., 1,234,567). Round your answer to the nearest whole number (e.g., 1,234,567).)

Reviews

Write a Review

Microeconomics Questions & Answers

  Create a log return series from the stock price index

Create a log return series from the stock price index (the log return is the change in the logarithm of the stock price). Estimate an appropriate pure AR(p) model and an appropriate pure MA(q) model and compare these to a mixed ARMA(1,1) model.

  A production function of three inputs

Consider a production function of three inputs, labour, capital and materials, given by Q = LKM. Let w = 5, r = 1, and m = 2, where m is the price per unit of materials.

  Own price elasticity of demand

Compute the cross-price elasticity of demand between goods X and Y at the given prices. What is the own price elasticity of demand at these prices?

  What is likely to happen after pais eventual exit

What is likely to happen after PAI's eventual exit? How would momentum be maintained for the employees? Would it be a good idea for Chr. Hansen to be listed again?

  Why would banks tend to lend more in booms

Why would banks tend to lend more in booms and less in downturns and what do these proposals mean for the RBA's policy of targeting inflation?

  Is america number one understanding the economics of

is america number one? understanding the economics of success. unemployment america vs. europe. n.d.. films on

  Why in the long run an increase in the saving rate raises

Why in the long run an increase in the saving rate raises productivity but its growth rate is unchanged?

  Write a paper detailing the analysis of market structures

pricing strategy varies significantly across different market structures. the pricing guidelines in a monopoly market

  Xyz common currently sells for 3share you believe that

xyz common currently sells for 3share. you believe that one-month hence the stock could be worth 8 or could be

  How this will impact demand for tickets on the graph

Illustrate the change on the same graph and explain how you would term this in the theory of Economics - Indicate how the events of 'b' and 'c' would affect the equilibrium price of match tickets.

  Create the counter-argument from economics point of view as

many environmentalists or general members of the public are horrified by the notion of marketable pollution permits.

  How will combined tax-transfer policy affect the demand

Suppose the government decides to increase taxes by $30 billion in order to increase Social Security benefits by the same amount. How will this combined tax-transfer policy affect aggregate demand at current prices

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