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Part A
Imagine that it is the year 2199. Technology has progressed at an incredible pace. The latest discovery is the plutonium engine, which is capable of converting plutonium, a by-product of nuclear fission, into fuel to power the nuclear reactors in our new form of transportation, the rocket-car. However, because the firm that invented the engine, the Futures Unlimited Corporation, already has a government license to control and distribute the quantity of this certain isotope of plutonium on the market, it is now conceivably in charge of a monopoly on plutonium-fueled transportation. 1. Describe the economic outcome of this single-price monopoly in terms of profit. Provide one (1) supporting fact to support your response. 2. Describe at least one (1) way that the Futures Unlimited Corporation makes output and price decisions.
Part B 1. Would consumers benefit more from a tariff or a quota on imports? Provide one (1) supporting fact to support your response. 2. Consider the following weekly production possibilities of gloves and hats in Panama and Russia: Russia: Gloves = 20 Hats = 80 Panama: Gloves = 180 Hats = 90 a. What is each country's opportunity cost of producing gloves and hats? b. If the countries could, should they trade? Provide one (1) supporting fact to support your position.
Discusse the impact that trade restrictions such as tariffs and quota have on the price of imports.
How much additional income would the consumer need to reach the prior level of utility at the new prices and How many units of X and Y does the consumer purchase?
1. assume an economy has a production function ofy ak.35l.65 with a 100 k 1000 and l 400. there is no labor force
You produce a product that will earn $100,000 if there is a recession and $100,000 if there is no recession (i.e. the same regardless). The probability of a recession is 50%. What is the variance?
Illustrate what are the four stages of the Business Cycle. Compare and Contrast five internal and external Business Cycle theories.
The US cigarette industry has negotiated with Congress and government agencies to settle liability claims against it. Under the proposed settlement.
If the average person drinks two bottles of water per day or uses 5 gallons per day in getting that amount of water from the tap. what are the present worth values of drinking botled water or tap water per person for 1 year.
the demand and supply curves for fixed gear bikes in hipsterland are qd 225 ?1.5? p and qs 1.5? p ? 45 respectively.1
Yesterday you were consuming 4 eggs and 2 strips of bacon. Today you are consuming 3 eggs and 3 strips of bacon. If you have the same taste what might have caused this change Are you better or worse off
Brian and Allen are thirty years old with identical academic records and job history. Both currently have jobs paying $40,000 each year.
A producer produces good y using a single input x according to the production function y=x^a where 0
The opening statement on the Web site of the Organization of Petroleum Exporting Countries says, "OPEC's eleven members are all developing countries whose economies are heavily reliant on oil export revenues. THey therefore seek stable oil prices ..
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