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Question 1: Suppose the market for semiconductors in the U.S. is characterized by
Qd = 200 - 40P [Demand]
Qs = 40 + 40P [Supply]
The market for semiconductors in the rest of the world is characterized by:
Qd = 160 - 40P [Demand]
Qs = 80 + 40P [Supply]
Suppose the U.S. government imposes a quota of 24 million units on its imports of semiconductors. Calculate the magnitude of the deadweight loss resulting from the quota under the assumption that the U.S. is a small open economy. [Note: P = price per unit; Qd = millions of units demanded; Qs = millions of units supplied]
Question 2: Suppose the market for wine in the U.S. is characterized by
The market for wine in the rest of the world is characterized by:
Calculate the change in deadweight loss if the U.S. replaces a prohibitive tariff per unit on imported wine by an equal production subsidy per unit of wine sold by U.S. producers. [Note: P = price per unit; Qd = billions of units demanded; Qs = billions of units supplied]
Keeping the Law of Diminishing Returns in mind, comment on the quality of teaching and learning that occur when a resident successively works her 60th, 70th, 80th and 90th hours in a week.
Think a small open economy with a fixed exchange rate system. Assume there is a general expectation that central bank will revalue the domestic currency in the future
A South America nation with fixed exchange rate system has close economic ties with USA symbolized through extensive trade and unrestricted flow of capital between two nations.
Write a critical commentary on the Stern review on climate change from the perspective of African nations. You can use case studies of one or more African nations.
Describe supply and demand as it relates to airport market structure(oligopoly). Describe customers options - given the customers are price sensitive
Estimate the regression model (E) using the OLS estimator and provide a summary report of the result (i.e., the estimated equation with the standard errors and/or t-ratios with other relevant statistics).
Oye and Maxwell's terminology is this an example of a "Stiglerian" or an "01- sonian" regulatory situation? Carefully explain your reasoning.
The great philosopher Rogers once said that you need holding knowledge (H), folding knowledge (F), and economics knowledge
Under patent protection, a company has a monopoly in the production of a high tech component. Market demand is estimated to be: P = 100 - 0.2Q.
Assume that the price was 5% lower and all other factors do not change. How much more would you buy each year? Using this information, compute the own-price elasticity of your demand.
The marketing team for a restaurant wants to estimate the price elasticity of demand coefficient for its steak dinner. It priced its dinner at different price points in local restaurants to see how many would be sold at different prices.
The main difference between perfect competition and monopolistic competition is, rices under an ideal cartel situation will be equal to
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