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Consider the market for fresh produce in Snowland. Fresh produce is produced expensively in hothouses in Snowland. It can also be imported much more cheaply on the world market. Snowland is a "small country" in the fresh produce market: what it does has no effect on the world price of fresh produce.
Fresh produce improves the long-term health of Snowlanders. However, because they have government-provided health care, Snowlanders do not consider the health care treatment cost implications of poor health when making decisions about purchasing fresh produce.
In a new diagram, show the new price and quantity and any changes in CS, PS, Govt Revenue, External Benefits (or costs) and SS that would come if the tariff were eliminated. (So the diagram must show both with tariff (before) and without tariff (after).)
The demand and supply curves for gasoline (in billions per year) are given below. Using the equations, find the initial equilibrium price and the quantity in the market for gasoline.
What types of inefficiencies and/or externalities arise in each renewable resource case that interferes with sustainable and efficient management results?
What is the profit-maximizing price to charge a Texan for a car wash? What is the profit-maximizing price to charge a Californian for a car wash?
In the country A, all wage contracts are indexed to inflation. That is, each month wages are adjusted to reflect increases in cost of living as reflected in changes in price level. Explain answer with aggregate supply and aggregate demand curves.
Short term Treasury bills [3 and 6 month] have current annual rates of interest around 0.5%. Use that info plus your best forecast of inflation to calculate the real rate of interest on those bills.
How do you think each of the following affected the world price of oil? (Use demand and supply analysis.)
A firm with costs C(Q) = 1,000 + 60Q + 0.1Q2 is able to price-discriminate-What would happen if it were forced to charge all its customers the same price?
Discuss the impact on wages, employment in the industry, and the economic welfare of the following input market structures. In which case will the deadweight loss be the smallest?
The demand function for VCRs has been estimated to be Qv = 123 - 1.7Pt + 46 Pm - 2.1Pv -5M, where Qv is the quantity of VCRs,Pt is the price of a videocassette, pmis the price of a movie, Pv is the price of a VCR, and M is income.
Compute the price or output combination and the total economic profits which would result if competitors offer clones which make the QuickerBetter market competitive.
Discuss at least 3 reasons why and how workers become unemployed (be specific about causes), and also cite 3 reasons unemployed workers finally land new jobs or get rehired.
Describe (in a sentence or two) the short run profit maximization condition when labour is the only variable input?
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