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For a particular product, Country A's supply and demand are represented by the following functions:
Qs = 2 + P; Qd = 52 - P
Suppose Country A is a small country (which cannot influence the world price). In free trade, Country C can export the product for $10 (PC = $10) and Country B for $15 (PB = $15).
Situation 1 - free trade: If there is free trade, where does Country A import (from Country B or Country C)? How much does it import?
Trang has strictly convex indifference curves and is indifferent between the bundles (16, 2) and (2, 4). Use the definition of strict convexity to show that Trang prefers (9, 3) to (2, 4).
An increase in autonomous investment will cause equilibrium output to increase
Consider the following Cobb- Douglas production for red bean coffee. q=(l^0.2)*(k^0.5) a. intutively, why are cobb-douglas production function more appropriate representations of reality than, say, linear production functions
Suppose that you sell "gummies" to kindergartners. Each "pouch" costs you $2.75 to make and distribute. You know that no one will buy a pouch at $5, but if you keep lowering your price by $.25, you can keep selling another one. How many pouches..
q.there are two countries- home and foreign. suppose that the production of vacuum cleaners exhibits external economies
Indonesia's infrastructure is in bad shape. [According to a recent article in The Economist (May 9th 2015): "companies spend 50% more on logistics than those in Thailand and twice as much as those in Malaysia."] The government of Indonesia cut fuel s..
Define and graph your budget set in terms of leisure (equal to non–worked hours) -Good 1- and ”money spent on every other good” -Good 2-. Assume that above 40 hours per week you get an overtime hourly rate of $16(B + 1) per hour. Define and graph the..
If a monopolist increases quantity by one unit, but sells the increased output at a slightly lower price, A. marginal revenue is affected by adding one additional unit sold at the new price. B. all the previous units, which used to sell at a higher p..
If you have to make a random guess and there are four possible answers, what is the expected value of guessing?
Calculate the prot-maximizing monopoly price and quantity. Calculate the price and quantity that arise under perfect competition with a market supply curve P = Q=2.
The demand function for a good is given as Q = 10 – 2P, where Q = quantity demanded and P = the market price per unit of the good. The cost function is given as C = 8 + 0.5Q where C = total cost. If P = $3, how much profit is earned?
Based on the regression equation, the price of gold increased on average by approximately $___ per ounce for a $500 billion increase in the monetary base (round to the nearest dollar). regression equation $/oz gold=207+.05 monetary base
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