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Question: a. Are food imports necessarily an indication of weakness in the agricultural sector of an economy? Under what conditions might food imports, rather than domestic production, be desirable and economically rational?
b. Under what conditions would rising food imports indicate a weakness in the overall economic strategy? Do countries have to produce everything they consume?
c. Looking back at Table, for which countries would you guess that falling food production per person is an indication of problems and for which might such a result not be a problem?
1. Describe both quotas and tariffs. How do they impact domestic prices and deadweight loss How does an import quota differ from an equivalent tariff What is best for a nation as a whole: a tariff, a quota, or free trade
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1. domestic market demand for some good is described by p 100 - q. domestic supply is described by p 20 2q.
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According to tournament theory:
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MEQA Assignment 2, Determine the profit-maximizing average daily production capacity for DermaPlus™ for each of the possible reference-based prices identified by the consultant. Estimate the expected daily profit in each case
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