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The market for Sugar beet is in equilibrium at P = $15 and Q = 229995. The price elasticity of demand is -1. The price elasticity of supply is 0.6. Now assume that the government imposes a quota which reduces supply to 183,996
a. Graph this market. Hint: use price elasticity equations to find change in p.
b. Calculate the change in consumer surplus as a result of this policy. Label this area on your graph.
c. Calculate the net change in producer surplus as a result of this policy. Label this area on your graph.
d. Calculate the deadweight loss which would result from this policy. Label this area.
Draw the game as a table. What are the Nash equilibria of this game? How does this game differ from a prisoner's dilemma, and how can participants achieve the optimal (both hunt Stag) outcome?
Derive the average cost of producing 100,000, 200,000, 300,000, and 400,000 devices per year with plant A. (For outputs exceeding the capacity of a single plant, assume that more than one plant of this type is built.)
Suppose you are an industrialist begninning a biotechnology company. If your research is successful, technology can be sold for $30 million. If your research is unsuccessful, it will be worth nothing.
assume that the country is in a period of high unemployment interest rates are at almost zero inflation is about 2 per
What impact would you expect each of the following events to have on business cycles? Label each as a demand-side or supply-side shock. What economic policy changes might you expect in response to each of these events?
Craft Unions Both industrial and craft unions attempt to raise their members' wages, but each goes about it differently. Explain the difference in approaches and describe the impact these differences have on excess quantity of labor supplied.
When someone owns an asset (such as a stock) that rises in value, he has an "accrued" capital gain. If he sells the asset, he "realizes" the gains that have previously accrued. Under the U.S. income tax, realized capital gains are taxed, but accru..
The proponents of rational expectations believe that: There will be a substantial time lag before people anticipate the eventual effects of a shift to a more expansionary macro-policy. Macro-policies that stimulate demand and place upward pressure on..
carefully explain what will happen as we move from the short run to a long run equilibrium in a monopolistically
Consider a country called Hitech where new arrangements for making payments, such as credit cards and ATMs, have been enthusiastically adopted by the population, thereby reducing the proportion of income that is held as real money balances. a) Ass..
Consider the following model of trade between Finland and Iceland. Suppose through that those two countries are the only two countries in the world, at least for purposes of trade. Discover the Autarky relative price of fish in both countries. (i.e ..
if contract promises were not excused because of acts of war would the clearing and settlements clients of bank of new
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