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Suppose that Canada produces 1.0 million bicycles a year and imports another 4.0 million; there is no tariff or other import barriers. Bicycles sell for $400 each. Parliament is considering a $40 tariff on bicycles. What is the maximum net national loss that this could cause Canada? What is the minimum national loss if Canada is a small country that can not affect the world price? (Hint: draw a diagram with supply and demand and put numbers given here on it. Next, imagine the possible positions and slopes of the relevant curves.)
Illustrate what is being held constant when a demand curve for a specific product is constructed.
The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled
what would volume of output would the two alternative yield the same profit 3-if expected annual demand is 12000 units which alternative would tield the higher profit.
Illustrate what was the growth rate of the GDP deflator between 1999 and 2000.
Analyze the USA financial meltdown that happened in 2008-2009. This crisis was partially caused by the reward systems that were in place for participants in the financial system. Identify the major participants in the financial system.
Calculate the marginal cost function. What is Chill man's profit-maximizing cost as well as output combination.
Illustrate what was the main criticism of the present Texas constitution behind the Ratliff-Junell proposal for a latest constitution.
Suppose that MC=4q, where MC is marginal cost. The perfectly competitive firm maximizes profits by producing 10 units of out output. At what price does it sell these units.
Explain how does marginal analysis affect goods and services, efficiency, equity, and on market economy.
Use indifference analysis to demonstrate the income, substitution also the total effects if good X is a non-Griffin inferior one.
What is the value of the economic's MPC. Data applies to an economy with only two sectors-households and firms no government or export.
If the marginal cost of planting and harvesting an acre is $7000 per acre for each of the five acres, how many acres should the farmer plant and harvest.
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