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Colombia and Peru are two of the leading coca leaf producers in the world. In both these countries, a substantial fraction of people who work on coca fields are children. Suppose that the Colombian government conducts aerial spraying of the country's coca fields, destroying half of its coca crops. Use the competitive market framework to argue the following:
(a) In Colombia, coca prices will increase and quantities will decrease.
(b) In Peru, coca prices will increase and quantities will increase.
(c) In Peru, wages in the agricultural sector will increase and child labor will in- crease.
(d) In the US, the size of the cocaine market (in dollars terms) will increase as long as the demand for cocaine is sufficiently inelastic.
Using an appropriate diagram, explain how the following changes affect the supply or the quantity supplied in each scenario:
Based on the following information: A and B. Their cost functions are defined below, respectively: CA = 10000 + 10QA + 0.5QA2 and CB = 12000 + 10QB + 0.5QB2. The firms face the following market demand curve: P = 610 – Q, (where Q = QA + QB). If the f..
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q1. where does the national unemployment rate stand relative to the natural rate of unemployment? you can visit the
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A popular magazine offers a lifetime subscription for $200. Such a subscription may be given as a gift to an infant at birth
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