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Q. 1. Use the data in the preceding problem to answer the subsequent questions. Currently supposethat the United States allows no oil imports.
a. What are equilibrium quantity and price for oil in the United States?
b. If the United States imposed a price ceiling of $74 per barrel on the oil market andbanned imports would there be an excess supply or an excess demand for oil.If so, how much?
c. Under the cost ceiling also quantity supplied and quantity demanded differs. Illustrate which among the 2 will determine how much oil is purchased? Briefly explain
2. On April 20, 2010 an oil-drilling platform owned by British Petroleum exploded in the Gulf of Mexico causing oil to leak into the gulf at estimates of 1.5 to 2.5 million gallons per day from well over two months. Due to the oil waters which has devastated the commercial fishing industry in the area. Explain how the reduction in supply from the reduced fishing waters will either increase or decrease consumer surplus and producer surplus, and show these changes graphically.
Distinguish between the resources market and the product market in the circular flow model.
Find Equilibrium GDP (Y). If potential GDP is 1950, is the economy in a recessionary or inflationary gap. Suppose that the MPC, falls to 0.75, so C = 0.85DI. Find Equilibrium GDP.
Suppose you read in the newspaper that all last week the Fed conducted purchases in open market, and that on Tuesday of last week it lowered the discount rate.
Assume there are no other countries willing to trade goods, so when there is no trade between these two countries, each country consumes the amount of wheat and clothing it produces.
Does Ike feel emotionally neutral since the dollar value of the gain in his stock portfolio exactly offsets the amount of extra taxes he has to pay
What do you think that Apple's ability to control the pricing of downloaded song is likely to change in the future.
In 2012, Balnur taught music and earned $20,000. She also earned $4,000 by renting out her basement. On January 1, 2013, she quit teaching, stopped renting out her basement, and began to use it as the office for her new Web site design business.
Clarke's workers are highly skilled artisans with a great deal of job mobility. What impact would the wage increase have upon the firm's employment.
Coke could have followed the price per unit down, but it didn't. Total soft drink demand increased, and Pepsi took a larger share of the demand.
How many Argentine pesos would it cost given the new exchange rate you just calculated.
How much does consumption change this year in absolute dollars ($ ΔC) as a result of a $5,000 annual tax cut to your income, if the tax cut.
Using an Edge worth Box, graph the initial allocation and draw the indifference curve for each consumer that runs through the initial allocation.
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