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The European Union (EU) and United States (US) demand and supply equations for corn are: QDEU = 70 – (1/2) PEU QSEU = (1/5) PEU QDUS = 86 – (3/5) PUS QSUS = 30 + (4/5) PUS where QD and QS represent the quantities demanded and supplied in both countries (in billions of tons) and P represents the Dollar price per ton of corn in each country. a. Graph the US and European Union supply and demand curves for corn (what are the intercepts?). b. Determine the US and European Union equilibrium prices in the absence of trade. c. Find the surplus (or shortage) in both countries at the price of 80. Now assume that there is free trade between the European Union and US. d. Determine the international equilibrium price of corn (per ton). e. How much corn is produced and consumed in the European Union and US. f. How much corn is traded between the two regions. Draw graphs to represent the market situation before and after trade. Suppose now that the European Union limits its imports of corn to 14 billions of tons. g. What will be the new equilibrium prices of corn in the European Union and US? h. What are the new domestic production and consumption levels in each region? How much corn is traded?
explain why a rise in the price of gasoline is likely to have more of an effect on consumers than a rise in the price of strawberry milk shakes.
The inverse demand function for bean sprouts were given by P(Y)=290-4Y , and the total cost of producing Y units for any firm were TC(Y)=50Y and if the industry consisted of two Cournot duopolists, then what is the equilibrium of each firm's producti..
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In the lectures videos, we identified three tasks any collusive arrangement or cartel would need to accomplish if they were going to be successful in raising price above the competitive level for an extended period of time.
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Under the topic of health as an input to production,
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If this industry acts like a monopolist in the determination of price and output, compute the profit-maximizing level of price and output
Suppose the demand for a chemical is given by Q=100-3P, where quantity is measured in pounds. The market supply is given by MC = 6. Assume the social marginal cost of this product is $8 per unit. a. Find the competitive equilibrium and the level of m..
q.you are the manager of a large automobile dealership who wants to learn more about the effectiveness of various
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