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The market demand functions for corn is Qd = 15 – 2P, and the supply function of corn is Qs = 5P – 2.5. Suppose the government gives corn farmers a $0.70 subsidy per bushel of corn. What will be the effects on aggregate surplus, consumer surplus, and producer surplus? What will be the deadweight loss created by this subsidy? [HINT: This problem is exactly the same as the tax problem we did in class. Only difference is that with a subsidy of $0.70, ps = pb + 0.70.]
Illustrate what change in the economic enviJorgement led to this new equilibrium.
Consider the causes of the deficits also surpluses also provide your own insight as to whether these surpluses or deficits have a "positive" or "negative" effect on our economy.
The probability of accepting the next wage offer is: Which of the following would be considered a real (as opposed to pecuniary) externality associated with migration? The longer the expected length of tenure on the job:
If there were 2 million unemployed Thailand had a job-finding rate of 15% per month, how many people would lose jobs each month.
Ernest's income elasticity of demand for natural gas is 0.4. His price elasticity of demand for natural gas is -0.3, and he spends 10% of his income on natural gas. What is his substitution price elasticity?
President Bill Clinton assigned his wife the task of developing a national health insurance plan to increase the availability of medical care for the poor. Explain how would one determine the opportunity cost of the proposal.
Describe the difference between average revenue and marginal revenue. Why are both of thes revenues measures important to a profit maximizing firm?
Suppose without trade, country A produces and consumes 100 units of widgets at a price of $10 each. Illustrate what is the total gain or loss from trade for country A.
What is the highest cost of migration that a worker is willing to incur and still make the move
What criteria would you apply to determine where such a policy is or is not successful. Judging from your own stated criteria, was Japan's exercise successful. Why or Why not.
Country described by the one-country model in section Suppose that the country temporarily raises its levels of γA. Draw graphs showing how the time paths
q1. why may vertically integrated delivery systems lead to lower productions costs? why may these systems lead to
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