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In 2002, the U.S. Fish and Wildlife Service proposed banning imports of beluga caviar to protect the beluga sturgeon in the Caspian and Black seas, whose sturgeon population had fallen 90% in the last two decades. The United States imports 60% of the world's beluga caviar. On the world's legal wholesale market, a kilogram of caviar costs an average of $500, and about $100 million worth is sold per year. What effect would the U.S. ban have on world prices and quantities? Would such a ban help protect the beluga sturgeon? (In 2005, the service decided not to ban imports.)
The following table shows the average retail price of butter and the Consumer Price Index from 1980 to 2000, scaled so that the CPI = 100 in 1980. 1980 1985 1990 1995 2000 CPI 100 130.58 158.56 184.95 208.98 Retail price of butter (salted, grade AA..
Assume a firm wants to minimize its cost of producing y amount using x1 and x2 as inputs, which means it wants to minimize w1x1 + w2x2 subject to x1^(1/2)x2^(1/2)= y: (a) Using Lagrange multiplier method, find optimal x1 and x2 as functions of w1,w2 ..
Assume each region has 240,000 worker hours to divide between producing cars and television shows. Initially, assume workers are divided equally between producing cars and television shows.
Why do you suppose that "work on self-control problems such as procrastination is catching on most quickly"? Can you provide an example and explanation of why people do this?
Suppose that demand for cartel's oil is given by P=50-.1Q where P is the price per barrel and Q is the quantity produced in barrels. If the cartel's aggregate marginal cost is given by MC= 10+0.2Q what is the cartel's profit maximizing price of oi..
The joint probability distribution on the returns of two securities X and Y is demonstrate in the table below.
Find the smallest and largest values of children in the sample. What is the average of children? Does any woman have exactly the average number of children?
If it rains at a rate of 10 mm/h, what is the rate of transfer of charge to earth per unit area?
Which specific components are up, and which are down? What has been the trend of the composite index over the past 3 months?
Suppose that the residual sum of squares for the three regressions corresponding to the Chow test described in question 35 are 156.4, 76.2 and 61.9. What is the value of the Chow F-test statistic
For 3 years there was no technological change in Londonland but capital per hour of labor increased from $10 to $20 to $30 and real GDP per hour of labor increased from $3.80 to $5.70 to $7.13. Then, in the 4th year, capital per hour of labor rema..
The value-added tax system requires all goods to be sold at a price that includes tax. Any firm purchasing a good to use as an input can reclaim the tax it has paid. Assess this tax structure using the Diamond-Merles Production Exigency Lemma.
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