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Suppose the following: (i) two countries each with demand for a homogeneous good given by P(Q) = 40 − Q. (ii) in Country A there is one firm with a marginal cost of production of cA. (iii) in Country B there are two firms, each with a marginal cost of production of cB. (iv) competition in relevant markets is Cournot. (a) Find for each country expressions for the equilibrium price and firm profits and quantity under the assumption that no trade between the two countries occurs. (b) Now assume a state of free trade exists between the two countries. Derive expressions for each firm’s quantity supplied and Country A’s imports. [Hint: Show that the global demand curve is P(Q) = 40 − Q/2.] For what values of cA is Country A an importer? If cB = 10 and cA = 8, is the trade pattern globally efficient? For cA = 2 and cB = 10? (c) Assume that cB = 10 and cA = 8. Which country would benefit by imposing a $2 per unit tariff on imports? By how much would total surplus increase? Who gains and who loses—and by how much?
consider the following islm model for a closed economyc4000.4yd i2000.3y-2000i g360t400 mp4y-100000ims2600 10
Which of the following best describes the opportunity cost of one year of college?
if they use a regulation should they allow for pollution permits? explain the benefits and detriments of each form of control. what would you recommend?
Consumer demand for oil—including oil in the form of both gasoline and home heating oil—is fairly inelastic in the short run and more elastic in the long run. In the short run, will a shift in the supply of oil (say, caused by a disruption in Mideast..
Explain the effect of the following events on the interest rate in the loanable funds market. Demonstrate you answer graphically.
What is the relationship between good X and Y. With the aid of a well-labeled diagram, show what happens to equilibrium price and quantity of good X, if the price of good Y increases.
Derive, from first principles, the equilibrium level of income. Derive the Keynesian expenditure multiplier. If T = tY, derive the equilibrium level of income.
Bank of Canada sets monetary policy to try to achieve an annual 2% increase in consumer price index. Is the CPI a good index of your cost of living? Why or why not? is there a better measure of the cost of living?
Suppose you discover that average fixed costs are $2 and average variable costs are $7. Indicate what the firm should do.
We discussed the business cycle fact that money is a pro-cyclical economic statistic. explain how the real business cycle theorists explain the pro-cyclical behavior of money. In the space below, draw three diagrams, a money market diagram, an IS - L..
In the specific factors model predict who seeks protection against trade and who does not. Explain your answer. How does your answer change in the Hecksher-Ohlin model? Explain
Suppose that in addition to repairing your car, you can also spend money advertising. If you repair your car for Hours and spend A dollars advertising, your benefit (the amount you receive when you sell your car) is B(H,A)=220H-H^2+2A. What is your b..
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