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The Netherlands is about to join Denmark in a free trade area. Before the union, The Netherlands imports 10 million DVD recorders from the rest of the world at $100 and adds a tariff of $30 on each recorder. It takes $110 to produce a DVD recorder in Denmark.
a. Once the free trade area is formed, what will be the cost to The Netherlands of the DVD recorder trade diverted to Denmark?
b. How much extra imports would have to be demanded by The Netherlands to offset the trade-diversion cost?
Show that the consumers optimal consumption bundle will change despite them being able to afford their original bundle.
Explain Veblen's theory of the leisure class. Explain why the leisure class is not overthrown and how conspicuous consumption plays a role in Veblen's theory.
part 1 truefalse questions. explain your answer fully.1. the risk treatment in the bene.t-cost analysis assumes risk
Reduce the game by IEDS as far as you can. For the original game, find all Nash equilibrium in pure strategy and the equilibrium payoff. For the original game, find all Nash equilibrium in mixed strategy and the equilibrium payoff.
Assume that good x and y are substitutes. Show graphically and explain the effect on the bundle selected that will maximize utility if the price of good x falls. Draw and explain the demand curve for good x and the price-consumption curve for good y.
Mary's indifference map and budget constraint for goods x and y are shown below. If Mary spends all her money on x and y which bundle will she choose to maximize her utility?
Illustrate what is the marginal income for each 10,000 increase in the quantity sold. Illustrate what recording fee would you advise Johnny to demand from the record organization.
What is the current U.S. Fiscal Policy – is it expansionary or contractionary? If the current GDP has declined or expanded over the past 2 quarters at least, which of the tools of fiscal policy would you use to try to rein in the economy and how is t..
What are some of the positive and negative aspects of technology growth? What can businesses and governments do, as they tried to do in Ohio, to make “transition” as smooth as possible?
A monopoly sells its good in the United States, where the elasticity of demand is -2, and in Japan, where the elasticity of demand is -5. Its marginal cost is $10. At what price does the monopoly sell its good in each country if resale is impossible?
You went out to dinner one night and observed one of your patients drinking heavily. The next day the patient is to check into the hospital for a pre-scheduled surgery. Your colleague found out about this and stated the patient’s behavior was irratio..
Use economics to compare three ways to reduce the demand for heroin: the substitution of another, less dangerous, and less debilitating drug, such as methadone for heroin, to registered addicts; If expenditures on preventing crime equal $200 billion ..
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