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Q1. Explain how does an increase in transport costs change the gains from trade in Melitz's (2003) model? Are the effects of an increase in transport costs qualitatively different from the effects of an increase in the fixed cost of becoming an exporter? Explain.
Q2. Assume a stream is discovered whose water has remarkable healing power? You decide to bottle the liquid and sell it. The market demand is linear and is given as P=30-Q! The marginal cost to produce this drink new drink is 3$. Illustrate cost would this new drink sell for if it sold in a competitive market? Illustrate what is the monopoly cost of this new drink? Q3. Is there a surplus or deficit in the government budget at the equilibrium level of income? Explain how much?
Explain the essential distinctions among the stages-of-growth theory of development, the Structural change models of Lewis and Chenery.
Margin requirements on such a spread are often less than y would be if two contracts were considered separately. Why? Prices on two intra-market futures contracts tend to move together because similar fundamentals drive prices in both contract mar..
If a hard freeze eliminates premium coffee crop, illustrate what will take place to the price of premium coffee.
Explain how both the flow-of-product approach and the earnings approach can be used to measure GDP and the role profit plays in these calculations.
Use a production possibilities frontier to illustrate the production options. Be sure to label your drawing. Identify a point that is efficient.
Why do points on a utility possibility curve represent efficient allocations of resources? Why must the utility possibility curve be downward sloping.
If agricultural price subsidies have the effect of lowering resource costs for farmers, use a supply and demand graph to show the effects on the market for food. Illustrate what are the implications for American public health.
Assume that the marginal product of labor is: MP=100-L, L is the number of workers hired. You can sell the product in the marketplace for $50 per unit, the wage rate for labor is $100. How many workers should I hire.
You are an economic consultant for Farmer Perk, who produces raw cotton and sells it in a perfectly competitive market. Illustrate what is Farmer Perk's profit-maximizing level of output.
Describe the difference between Economic contraction and Economic expansion
What is the principal-agent problem? When will the principal agent problem be most severe? Why might there be a principal-agent problem between the stockholder owners and the managers of a large corporation?
Test the hypothesis that median family income increases as the proportion of the labour force with high school education increases.
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