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Consider a large country importing good X in the international market. The country is large enough to influence the international price for good X. Let the initial international price of good X be $100, where the country imports 100 units and produces 10 units. The government decides to impose 30% tariff on good X to protect domestic producers and jobs. After the tariff, the country imports 80 units and produces 20 units. The price that foreign producers receive after the tariff (when they sell it to this country) is $85 (note that this price is different from the market price in this country).
A) Draw demand and supply curves for good X for this country.
B) Calculate the change in consumer surplus after the tariff.
C) Calculate the change in producer surplus after the tariff.
Illustrate what are they, and what impacts do they have on the outcomes of Keynesian countercyclical policies.
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Does economic growth necessarily involve a parallel outward shift of the production possibilities frontier?
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Illustrate what do you conclude about the ability of these indexes to measure changes in real income.
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Use Appendix A at the back of the text to show the compound annual rate of growth in earnings (n=4).
The government begins providing health care subsidies for all Americans.b. Private investors become less optimistic about the economy.c. All overseas conflicts are ended and American troops return home.
Consider a monopolist whose total cost function is TC = 20 + 10Q + 0.3Q2 and whose marginal cost function is MC = 10 + 0.6Q. The demand function for the firms good is P = 160 - 0.5Q. The firm optimizes by producing the level of output that maximizes ..
Suppose the labour market in the house cleaning industry in Quebec City can be described by the following demand and supply equations: LD = 400 - 10w and LS = 40 + 20w. Calculate the equilibrium wage and employment if the market is free.
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