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Suppose that Micronesia is a small country that imports milk (thus, it takes the world price of milk as given). Illustrate with the help of a diagram the effects of a price subsidy of $x for milk. On your diagram show the consumer surplus before and after the price subsidy as well as the deadweight loss resulting from the price subsidy.
Consider the invention and adoption of the mechanical tomato harvester on the farm labor market. Illustrate the expected impact of the invention of the mechanical tomato harvester on the farm labor equilibrium when farmers believed that the end of th..
Each firm in a competitive market has a cost function of C=16+q^2, so its marginal cost function is MC=2q. The market demand function is Q=24-p. Determine the long-run equilibrium price, quantity per firm, market quantity, and number of firms.
Illustrate what matters is not the absolute abundance of factors, but their relative abundance. Poor countries have an abundance of labor relative to capital when compared to more developed countries.
Financial crises happen in various parts of the world. There have been many to which you can reference. Discuss the impact of financial crisis in Europe during the 2010 timeframe. What happened to bring about this crisis? What lessons can be learned ..
Consider a closed economy. Assume that goods prices are fixed in the short-run and that firms produce whatever they need to meet demand. Assume that money demand is negatively related to the nominal interest rate and positively related to the level o..
Given 2 (two-period) Jobs with the following cost and flows. Job A: will cost $50,000 in year 1 and will yield $84,000 in year 2 Job B: will cost $80,000 in year 1 and will yield $120,000 in year 2 Dwight and James are looking at these 2 jobs and wil..
How might protective tariffs reduce both the imports and the exports of the nation that levies tariffs? How might the import competition lead to quality improvements and cost reductions by American firms?
How can government spending have a multiplied effect on the economy? Hint: Need to recall of the “income/spending multiplier” concept, seen in module five.
Expanding on Lab 5a, design a circuit and Arduino program that accomplishes the following: Implements all of the functionality of the Pentatonic Micro Piano.
You are the fiscal policy maker of a country which had a closed economy, but which now opens up to the rest of the world. Explain and discuss how opening up the economy will have an impact on your fiscal policy measures.
The nation of Wrexington utilizes the same method to Compute the unemployment rate as the U.S. Bureau of Labor Statistics utilizes. From the data below, Compute Wrexington's unemployment rate.
Andrew has decided to open an online store that sells home and garden products. After searching around, he chooses the software company Initech to provide the software for his website since their product required the least amount of specialized inves..
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