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Suppose we have a competitive market for a good with domestic demand and supply given by:
P = 310 - .05QD
P = 30 + .03QS
International supply is given by a constant competitive price of P1 = $90.
Calculate the producer surplus from parts a and b. Are producers better or worse off as a result of international trade? Explain why.
Suppose the domestic government imposes an import tariff equal to $20. What will be the domestic quantity demanded and supplied, and what will be the tariff revenue to the government?
The total sum of squares is 400 and the sum of squares errors is 100, what is the coefficient of determination?
Discuss the feasibility of lower middle or low income countries resorting to fiscal stimulus to stave off recessions in their own economies. You can use one or more countries as examples.
Question based on Derive and compare demand curve, Derive Ambrose's demand function for peanuts. How does it compare with Johnny's demand curve for peanuts?
The questions posed are broad and open ended so be careful to allow yourself enough research and planning time.
In 1991, Brazil and Columbia united to form a coffee cartel and reduce coffee output. Suppose total costs for the cartel are:
A firm uses two inputs, unskilled labor (L) and capital (K) to produce its product. The wage rate for one unit of labor is $5, while units of capital cost $20.
What price and quantity will the monopolist produce at if marginal cost is a constant$4 ? Compute the dead weight loss from having the monopolist produce, rather than the perfect competitor
A tariff is simply a tax on imports. Use our model of the excise tax (with diagram) to describe why domestic firms request that tariffs be imposed.
Assume that the Bank of China wishes to peg the rate of exchange of its currency, the yuan, in terms of the US dollar. In each of the following situations, should it add or subtract from its dollar foreign exchange reserves? Why?
Problem based on Utility Function - Problem, Answer and explain the following using a diagram which is completely labeled.
What money supply must the Bank of Canada set next year if it wants to keep the price level stable? What money supply must the Bank of Canada set next year if it wants inflation of the ten percent?
Currently, the extent of our economic difficulties has caused the economic policymakers to choose fiscal and monetary policies that are both expansionary.
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