Equilibrium price-quantity and calculate quota rents

Assignment Help Microeconomics
Reference no: EM13689512

Qd=20-4P Qs=5+P

What would happen to the equilibrium price and quantity if the government introduced a production quota of 10 million bushels? Show the new equilibrium price/quantity and calculate quota rents.

Reference no: EM13689512

Questions Cloud

Appreciate the relatively faster speeds of trade execution : Normal 0 false false false EN-US X-NONE X-NONE A. Write a brief summary ex..
Pretty extraordinary measures in an attempt to stabilize : In 2008 the Federal Reserve took pretty extraordinary measures in an attempt to stabilize the economy. You need both equations and clearly labeled graphs (separate graphs for each question) to answer the following questions.
Equilibrium price-quantity and calculate quota rents : What would happen to the equilibrium price and quantity if the government introduced a production quota of 10 million bushels? Show the new equilibrium price/quantity and calculate quota rents.
Amount of utility she gets by consuming : Suppose Jane buys only two goods X and Y , and she spends an income I on these two products. Suppose the price of X is px and the price of Y is py. She derives utility by consuming X and Y.
Probability that a passenger gets through customs : Suppose that a study conducted by the Department of Homeland Security discovered that the average time it took passengers to go through the customs process for international flights arriving at the Atlanta airport was 33 minutes
What is optimal level of pollution abatement : Suppose the marginal cost of abating X units of pollution is given by MC(X) = 2X and marginal benefits are MB(X) = 10-2X. Suppose Current pollution = 4 = Xmax. What is optimal level of pollution abatement, X*?
Countries affect trade and global competition : Normal 0 false false false EN-US X-NONE X-NONE Specialization and division..

Reviews

Write a Review

Microeconomics Questions & Answers

  Illustrate that why the mc is not u-shaped

In general, marginal cost curve is U-shaped as you learned in my lecture and textbook. However, exception exists. Would you please provide one particular industry as an example to illustrate that MC is not U-shaped

  What is the time period the economist referred to

There are 100 dog kennels in Atlanta. An economist studying the pricing behavior of dog kennels tells you that she is limiting her analysis to a time period that does not allow for any new dog kennels to enter the industry or for any established d..

  The economic term for productive resources

What is the economic term for productive resources that provide a means for society to produce and distribute its goods.

  Explain why is the retail market for pcs more competitive

In the article, several people in this industry complain about thinner profit margins. Can the retail market survive with the current level of profits Do you expect there will be entry of more firms into the retail market

  1what economic problem is the nation facing2what would be

1.what economic problem is the nation facing?2.what would be the goals of your fiscal policy?3.what exact fiscal policy

  What percentage of the up would be needed to supply

Assume that an electric power plant could be built in the Upper Peninsula using wood as the fuel and would produce 578 megawatts of electricity. Assume that it would have an efficiency of converting wood energy into electricity of 0.26. Let's assu..

  Compute the coefficient of price elasticity

What is the formula for measuring the price elasticity of supply? Suppose the price of apples goes up from $20 to $22 a box. In direct response, Goldsboro Farms supplies 1200 boxes of apples instead of 1000 boxes

  Preparation for the debate

Write down everything you would require durint your preparation for the debate.your preparation should include graphs and formulas.

  How to lobby government officials

Suppose that in the hypothetical country of Vanadia, picture frames are distributed based on government policy. This system of distributing goods gives the residents of Vanadia an incentive to spend timea) earning money b) lobbying government officia..

  Determine the increase in investment at a given price level

John Maynard Keynes believed that wages may be inflexible in the downward direction. Consequently, an economyA) could get stuck in long-run equilibrium. B) could get stuck in a recessionary gap. C) could get stuck in an inflationary gap. D) would alw..

  Economy i need the answer of these questions i need

i need the answer of these questions i need answers till 3 pm on oct 24. please answer to it very fast. my level id

  Would increased cost inflation in the u.s.

Would increased cost inflation in the U.S. relative to its major trading partners likely increase or decrease the value of the of the U.S. dollar? Why?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd