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International trade can have big effects on domestic markets. For both an import good and an export good (in other words, address each bulleted item below twice-once for import and once for export), describe how opening up to international trade affects the following:
-supply or demand for the particular good,
-the competitiveness of that good's market, and
-how the change in competitiveness affects equilibrium price and quantity. Stepping away from the import/export examples, describe how opening up to trade specifically affects a domestic monopoly. Include an explanation, using game theory, of how even a single additional competitor can lead to a market outcome similar to perfect competition.
A probability distribution. The variance of a probability distribution is used to measure risk because a higher variance is associated with. In making decisions under risk
Why might some argue that news stations ought to stick to reporting what is actually happening on Election Day rather than making projections? Projection may cause a bandwagon effect. Projections based on push-polls may be inaccurate.
Suppose that you are willing to pay $10 for a good and the market price is $15. In this case: you will buy the good and receive a consumer surplus of -$5.
Read Greg Mankiw, Romer and Wiel's article in The Quarterly Journal of Economics.
In each of the following situations, the possible bundles contain apples and oranges and either 0, 1 or 2 of each. An example bundle would be 2 apples and 1 orange = (2, 1). In each part, there is a description of a set of preferences. If the orderin..
Calculate the tax incidence of the buyers and the monopolist.
You have a demand for 150 units and you're Material Requirements Planning Software shows the following inventory levels for the various
Maintenance expenses for a bridge on the ohio river are stimated to be $20,000 per year for the first 8 years, followed by two separate $100,000 expenditures in years 12 and 18. the expected life of the bridge is 30 years. If i=6% per year, what is t..
Suppose the own price elasticity of demand for good X is -3, its income elasticity is 1, its advertising elasticity is 2, and the cross-price elasticity of demand between it and good Y is -4. Determine how much the consumption of this good will chang..
1. For each of the following pieces of legislation or codes of practice describe why each is relevant to the management of a payroll system:
Give a Share of GDP (percent), such that C=69.9, I=19.0,G=15.3, X-M= -4.5. If consumption in the changed to 43 while government expenditure and net exports remained constant, what would happen to investment as a share of GDP ?
Should the United States worry about high-tech competition from India and China? If no, why? If yes, why?
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