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The US market of rice is described by the following domestic supply and demand equations: QdUS = 200 – 2 P , QsUS = -100 + 3 P where QdUS and QsUS represent the quantities demanded and supplied (in millions of tons) and P is the price per ton of rice (in hundreds of $). c) But the US not only produces but also imports rice. Now assume that foreigners are allowed to sell rice in the US. Assume that the foreign supply equation is QsF = - 200 + 5 P What would be the new equilibrium price of rice in the US when rice imports are allowed? (Hint: what is now the market (total) supply equation of rice?) Draw in only ONE graph the equilibrium situation before and after rice imports.
Suppose that E[u|x; v] is a linear function of (x; v) and that u and v each have zero mean and are uncorrelated with x. Show that E[u|x; v] = v for some . (Hint: if E[u|x; v] is linear, then it is identical to L[u|x; v] and the linear projection form..
Which of the following is a category of fiscal policy?
Which of the following is a possible negative result of the large U.S. external debt is:
Find the optimal (x, y, λ) for max u(x,y)= kx^ay^b s.t. PxX+PyY = m, in terms of the parameters of the model. Prove that the optimal (x,y, λ) is indeed a maximum. Comment
The role of the prosecutor is characterized by broad discretion. At which step of criminal procedure, do you think the prosecutor's discretion is most influential? Why?
What is the law of diminishing returns? Can you give an example of when diminishing returns have set in (could set in) at the place you work/would like to work? What is the difference between economic profits and accounting profits? Can you give exam..
Give a detailed explanation about how the engineer's income generation as described above affects GDP and GNP of U.S.
As the level of competition in an industry increases, the price-cost margin approaches:
Anthony is considering the purchase of used car. The price, including the title and taxes, is $9,530. Anthony is able to make a $2,530 down payment. The balance, $7,000, will be borrowed from the Credit Union at an interest rate of 9.25% compounded d..
What would be the socially optimal number of firms if F = 0? What does this suggest about the likelihood of F = 0? What is the role of F in determining the optimum number of firms? The delivery cost?
A survey of 64 of your fellow classmates determines that 19 of them are bullish on the market while the remainder is bearish. What is the market sentiment index for this group of individuals?
Review of elasticity. Suppose that when the price of gasoline changes from $2 to $1.50, the quantity demanded of gasoline decreases in Manhattan from 800 gallons per day to 960 gallons. Compute the price elasticity of demand using the midpoint formul..
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