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Use the data in the preceding problem to answer the following questions. Now suppose that the United States allows no oil imports.
a. What are the equilibrium price and quantity for oil in the United States?
b. If the United States imposed a price ceiling of $74 per barrel on the oil market and prohibited imports, would there be an excess supply or an excess demand for oil? If so, how much?
c. Under the price ceiling, quantity supplied and quantity demanded differ. Which of the two will determine how much oil is purchased? Briefly explain why.
Show that for ζ sufficiently large, the steady-state equilibrium capital-labor ratio k∗ can exceed kgold, so that there is overaccumulation. Provide an intuition for this result
Derive and graph Home's import demand schedule. What would the price of wheat be in the absence of trade?
Suppose the government doesnAc€?ct want to discourage employers from hiring research assistants and, therefore, wants to minimize the share of the tax paid by the employers. Of the three tax proposals, which is best for accomplishing this goal?
In the text we say that there is an average of 400,000 new workers entering the labor force each month. What percentage of total flows into the labor force do new workers entering the labor force constitute?
Draw a graph illustrating the equilibrium when the tax is $0.50 per gallon.
A university spent $1.8 million to install solar panels atop a parking garage. These panels will have a capacity of 500 kw, have a life expectancy of 20 years and suppose the discount rate is 10%.How big of a grant would make this project worthwhile.
1. suppose that currency in circulation is 600 billion the amount of checkable deposits is 900 billion excess reserves
What is the equivalent present value of the following series of payments: $7000 the first year, $6500 the second year, $6000 the third year, $5500 the fourth year, and $5000 the fifth year The interest rate is 10%, compounded annually.
find the mean and the variance of the number of candy bars you need to eat to find a ticket.
Among many macroeconomic problems of Pakistan, trade deficit is one of the major problems. The policy of devaluation of Pakistani rupee is usually adopted to reduce this trade deficit. Our currency depreciated from Rs. 24.84 per dollar to Rs. 85.5..
Calculate monopoly output, price, and maximum profit when the market demand curve is QD = 20 - 2p, MC = 4Q, and TC = 2Q2. If a new innovation enables the monopoly to cut its costs by 50%, but it costs $50 to adopt this innovation.
Suppose that the total benefit and total cost from an activity are, respectively, given by the following equations: B(Q)=150+28Q-5Q^2 and C(Q)=100 + 8Q(Note: MB(Q)=28-10Q and MC(Q)=8. What level of Q maximizes net benefits
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