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Suppose you are studying the market for shoes. Two events take place simultaneously. First, price of leather decreases, and second, consumers' income increases. What will happen to the equilibrium price and equilibrium quantity of shoes? Hint: you need to draw 3 graphs for different amounts of shifts in demand and supply for shoes.
The City of Rochester is thinking of expanding its airport. The expansion will increase travelers' consumer surplus by $100 and airlines' producer surplus by $200, while costing taxpayers only $50. However, the expanded airport will be much noisier.
Suppose both supply and demand decrease. What effect will this have on price and the government sets a price floor of $30 and agrees to purchase all surplus at $30 per unit
The rate of our imports and exports has nearly quadrupled during past decade alone. Firms today are hiring, investing, buying, selling, increasing capital overseas among other things
Why do economists pay little attention to the algebraic sign of the elasticity of demand for a good with respect to its own price, yet pay careful attention to the algebraic sign of the elasticity of the demand for a good with respect to another g..
In global trade, when the difference between money coming into a country from exports and money leaving a country due to imports or money flows from other factors is known as.
Assume that the government imposes a lump-sum tax on a monopoly, what will happen to the output and market price?
Would the accumulation of historical prices and quantities exchanged in the market establish a long-run supply curve? How would the historical relationship differ from how firms (and economists) envision today's long-run supply in the industry?
The production possibilities frontier can be used to demonstrate which of the following?If Lindenderry is at point U, producing 1300 tons of corn and 34 million automobiles, what is the opportunity cost of an additional 11 million automobiles?
Using a graph, introduce a tax on alcoholic drinks in the market. How does this affect the individual firm, and the rest of the monopoly market? Differentiate between the long and short-run.Show this on a graph and explain
The farmer wants you to work out how many heifers to carry through the system so that he can replace the cull cows and
Now suppose the government decides to subsidize the production of sugar (regardless of who it is sold to). The government wants to achieve the same increase in domestic production as in part d). What should be the amount of such production subsidy..
Draw a graph showing the optimal size of the park and briefly explain why a park of 2 acres is not optimal
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