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Eliminate the Mango Market? Draw a supplydemand graph depicting a situation in which banning mango imports drives the quantity of mangos sold to zero. Q12;
Import Ban for Kiwi Fruit. Initially, there are no restrictions on importing kiwi fruit. The minimum supply price of domestic producers is $0.26, while the minimum supply price of foreign suppliers is $0.08. Each supply curve is linear, with a slope of $0.01 per million pounds. In the initial equilibrium, the price is $0.18 and the quantity is 10 million
a. Draw a graph showing the initial equilibrium.
b. Suppose imports are banned, raising the price to $0.30. Draw a graph to show the new equilibrium and identify the new equilibrium quantity.
c. Compute the consumer surplus before the import ban and after the ban.
d. Suppose the import ban protects 10 jobs in the kiwi fruit industry. What is the cost to consumers for each job protected?
Studies indicate that the price elasticity of demand for cigarettes is about -0.4.If a pack of cigarettes currently costs $2.0 and the government wants to reduce smoking by 20%, by how much should it increase the price
TC=200+6Q+0.5Q^2 MC=MTC/MQ=6+1Q at profit max, Q=12 and P=36 calculate output, price and economic profit (show how you get there) and point price elasticity of demand.
A company currently sells 1,000 units a year at $25 per unit. The marginal cost of each unit is $12. The company is considering lowering the price by 4%. The company believes that this price discount will increase its economic profits.
Suppose that aggregate production function in a particular economy is given by Y = (N/60)[5080 - N] where N is the size of the labor force. Establish algebraically whether this production function exhibits increasing, decreasing, or constant returns ..
How many kilometres will he ride each weekend? [Hint: Think of this "value" equation as demand, and this "cost" equation as a (horizontal) supply.]
An energy supply firm has the following deman curves for both domestic(m) and commercial(c) consumers of its product: Qm=40-5Pm, Qc=60-10Pc. The total cost function for the firm (C) is described by the following equation: C(Q)=120+0.025Q^2, Where ..
The Federal Reserve has just purchased $100 million in Treasury bills from commercial banks. b. If the public holds a fixed amount of currency (so that all loans create an equal amount of deposits in the banking system), the minimum reserve ratio ..
A painter and the price of a gallon of paint increases from $3.00 a gallon to $3.50 a gallon. Your useage of paint drops from 35 gallons a month to 20 gallons a month. Compute the price elasticity of demand for paint and show calculations.
a farmer buys a new tractor for $146,000 and assumes that it will have a trade-in value of $92,000 after 10 years. the farmer uses a constant rate of depreciation to determine the annual value of the tractor.
Describe the differences between each categorized cost and how it plays a role in the overall cost of the operation
estimate the effect on profit and return on sale
You have decided to purchase a small tract of land for building a new home on the outskirts of town. You have some money available but need a loan of $18,000 to make the purchase. The land will be owner-financed over 4 years with end-of-year payme..
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