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Until recently, no single nation could claim exclusive jurisdiction over fishing except within a narrow band of 12 miles from its coast. Now this band is expanded to 200 miles, subject to negotiations.
a) What effect do you expect this extension of the exclusive fishing zone to have on the world price of fish in the short and long run? Why? Explain using a diagram(s). What effect do you expect it to have on the incomes of Canadian fishers in the short and long run? Explain
b) Would you expect world consumption of fish to rise or fall in the short run? In the long run? Why?
c) Why do you think nations did not try to enforce a wider ban - say 50 miles - 100 years ago?
Suppose you are the manager of a golf club with monopoly power. a typical consumer's inverse demand function for your firm's product is Q=100-20Q, and your cost function is C(Q)=20Q. If you apply a two-part pricing strategy, how much would be the mem..
The supply of measels vaccines is given by Q=450*P. The demand for measles vaccine is given Q=20,000-50*P. what is the market equilibriumprice and quanity? The demand curve implies that private willingness to pay is P=400-Q/50. Propose an interventio..
Camera Shop will discontinue its operations next month. Explain will this information alter your pricing decisions today.
You had chosen to take a trip during spring break if you had not gone you would either work a temporary job or studied for exams the opportunity cost of your trip.
Create a structure named Apartment that contains data fields to hold the number of bedrooms, the number of baths, and the monthly rent for the apartment. Write a program that creates an apartment object and prompts the user for a number of bedroom..
he perfectly competitive form maximizes profits by producing 10 units of output. At what price does it sell these units.
The economic model of a perfectly competitive market is very unrealistic because it predicts that firms in a perfectly competitive market earn zero profits in the long run. However, in reality, no firm would stay in business if it earned no profits. ..
As the number of firms in an oligopoly decreases:
q1. how would you graph an edge worth box for two consumers with the same utility of uxy? also how would you do the
If you are willing to pay $1400 for a used stereo that is a “cherry” and $280 for a used stereo that is a “lemon,” how much will you be willing to offer to purchase a stereo if there is a 50 percent chance that the stereo is a lemon? If owners of che..
An industry consists of six firms with annual sales of $300, $500, $400, $700, $600, and $600. What is the HHI? According to the general rule of thumb, the HHI of this industry implies that the market structure is ________ (competitive, noncompetitiv..
According to U.S. Department of Agriculture econominist Karl Fox, "An increase of 10 percent in the farm price of the "average" food product would be associated something like a 4 percent increase in the retail price and perhaps a 2 percent decreases..
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