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1. a. A small country imports industrial goods and exports agricultural goods. Both industry and agricultural are perfectly competitive. A new minimum wage law raises wages in industry but not in agriculture. However, all workers displaced from industry as a result of the new, higher wage find employment in agriculture. Is an import tax on industrial goods the best way to deal with any resulting problems? Why (not) ?
b. Your country imports cigarettes. Identical cigarettes are also produced inside your country in a prefectly competitive industry. The Government wishes to reduce the consumption of cigarettes. Is an import tax on cigarettes the best way to reduce cigarette consumption? Why (not) ?
Illustrate what are marginal net profit when Q=1? Q=5. Illustrate what level of Q maximizes net profits, Illustrate what is value of marginal net profits.
Assume that the low-calorie frozen, microwavable food company from Assignments 1 and 2 wants to expand and has to make some long-term capital budgeting decisions. The company is currently facing increases in the costs of major ingredients.
Goods and services that are not sold in markets, such as food produced and consumed at home and some household articles, are generally not included in GDP
What is the present worth of this alternative? What is the annual cost of this alternative? What would its present worth be if its life was shortened to 25 years in order to compare it to another alternative of that length?
Rexall Industries is planning to expand sales of its line of drilling machines to the mid-west. We hoped one of our existing salespeople would be willing to take over the new territory. However, they have all turned it down. So, we’re going to have t..
Why are entrepreneurs willing to supply goods and services for consumers at attractive prices? Is it because they care personally about the consumers?
Discuss the relationship between the level of GDP and economic well-being. What factors of well-being are missing from the GDP? Is there a point where the GDP could increase to such a high level
Small country Alpha exports lumber products obtained by cutting Alpha's forests. Cutting the forests creates negative external effects in Alpha.
When the price of wheat rises from $2.34 to $2.46, some farmers switch crops, and the amount of barley offered on the market falls from 101 million bushels to 99 million. What is the cross elasticity of supply? When the wage rate rose from $6.25 per ..
Price discrimination that can be sustained occurs when. Without insurance price of the drug is $500. Quantity demanded was 1,000. With insurance (Coinsurance rate is 10%) demand increases to 1,400. What is the social loss due to insurance?
q. as ceo of firm a you and your management team face the decision of whether to undertake a 200 million rampd effort
You win the lottery and are promised by the Lottery Commission $12,000 a year for 6 years, starting next year. Assume the interest rate is 9%. What is the present value of this prize?
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