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Assume that the world price of sugar is $6 per pound. At that price, the demand for sugar in the small country of Economica is 20 and the supply is 10. Economica decides to impose a $2 tariff on sugar. After the tariff, domestic supply is 12 and demand is 18. Use this information to calculate the effect of the tariff on the following:
a. Consumer surplus
b. Tariff revenue
c. Production distortion
Suppose that Jean is an unskilled worker who is making the market wage of $7 per hour and that the market for unskilled labor is competitive. Assume there is no minimum wage. If Jean could lobby the government, what position should she take regarding..
At the end of each year, he will put accumulated savings into a money market fund that is expected to pay 8% interest at the end of each year. Calculate the amount of money he expects to have after ten years.
HI5003 Economics for Business GDP- Compare Australia with any other advanced economy and discuss their GDP last 2 to 5 years and factors affecting their GDP
Appropriate policy analysis requires one to analyze when markets fail and when government fails to generate socially desirable outcomes. Briefly describe what is meant by market failure and by government failure. Why do we frequently use the nirvana ..
Which of the following is a rate that should theoretically serve as a floor for the Fed funds rate? A dealer is said to be running a "matched book" if. An increase in the supply of reserves in the banking system leads to an increase in the Fed funds ..
Consider a market with only two firms. Demand on this market is given by D(p) = 20 – 3p. Initially both firms have the same constant per-unit cost c1 = c2 = 2. What is the equilibrium in this market if firms behave as Bertrand competitors? How much d..
Using the same critical thinking presented in Week 3 Recitation, describe the criterion rational consumers use in deciding what product to purchase
Beginning in the early 1900s, the federal government and Congress began the creation of administrative agencies, with the first two being the Interstate Commerce Commission (ICC) and the Federal Trade Commission (FTC). Briefly explain the driving for..
Assume that the marginal cost of providing an entrée to a customer does not depend on the time of day or the age of the customer.
q.hiro nakamura is ceo of the cola king bottling company a small regional producer operating in the pacific northwest.
Monopolies can sometimes find themselves in difficult financial situations that lead to losses. Suppose Mr. Burns Power Company has a monopoly for providing electricity in Springfield. His costs of upkeep are so high that he is persistently losing mo..
How convincing are a government's political and economic reasons for trade interventions? Elaborate. Add examples, if applicable.
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