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The United States currently imports all of the tea that it consumes domestically. The annual demand for tea by U.S. consumers is given by the demand curve Q=250-10P, where Q is quantity (in millions of pounds) and P is the market price per pound of tea. World producers can harvest and ship tea to the U.S. distributors at a constant marginal (=average) cost of $8 per pound. U.S. distributors can in turn distribute tea to retail stores for a constant $2 per pound. The U.S. tea market is competitive. The Congress is considering imposing a tariff on tea imports of $2 per pound.
If there is no tariff, how much do consumers pay for a pound of tea? What is the quantity demanded?
If this tariff is imposed, how much will consumers pay for a pound of tea? What is the quantity demanded?
Compute the decline in consumer surplus.
Compute the tax revenue collected by the government.
Does the tariff result in a net gain or a net loss to society as a whole?
If the government faces an AD Shortfall of 100 billion dollars and finds that the marginal propensity to consume is 0.8, elucidate what will be the desired fiscal stimulus.
A physician's office expenses increase 10 percent so she decides to raise the price of office visits by that much. Assuming the demand curve for office visits does not shift, what will happen to the total number of office visits and practice reven..
How many units will be traded at a cost of $35? At a price of $14. Which participants will be dissatisfied at these prices.
Explain terrorist attacks foster instability and may affect productivity over the short and long term.
If we accept the conclusion that librarians are more vital to the country than professional football players, explain why are librarians so poorly paid in comparison.
Illustrate money supply should the Bank of Canada set next year if it wants to keep the price level stable.What money supply should the Bank of Canada set next year if it wants inflation of 10 percent.
What role did Red cloud play in the factional splits that occurred in the late 1860s and 1870s.
South Korea can produce a maximum of 600 million toaster ovens or 900 million tons of rice per year. The U.S. can produce a maximum of 700 million toaster ovens or 1,000 million tons of rice per year.
Illustrate what is the value of the equilibrium exchange rate. Assume the demand for dollars increases by 300 billion at each exchange rate.
If quantity is 20 also if producers receive the seller's price for to output illustrate what is the amount of Producer Surplus.
Compute the elasticity of trades with respect to every inconsistent in the demand function.
Express Illustrate what will happen also why to the firm's average fixed costs, marginal costs, average costs also profits as the firm makes its choices.
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