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Questions
A small country possesses two types of perfectly competitive industries - heavy industries and light industries: The heavy industries face competition from imports, which are perfect substitutes for these industries' output. The light industries produce both for the domestic market and for export. Now the heavy industries are unionized and the new unions bargain successfully for higher wages in those industries. Some workers are displaced but all of the displaced workers find jobs in light industries.
1. What is the effect of the creation of the unions on the general equilibrium of this economy? Illustrate your answer by means of diagram(s). You may assume that the heavy industries are relatively capital intensive.
2. Illustrate and discuss what effects introducing an import tax would have in this situation. c. Would you suggest using another policy instrument to deal with this issue and if so, what would you suggest? Illustrate, by means of an appropriate diagram, why you would prefer this (these) policy instrument(s) rather than adopting an import tax.
Think of another good that you have purchased recently (or you could continue with the good you selected in TDA I). Be specific (e.g. is it breakfast cereal in general or Cheerios cereal specifically). If the price of this item increases, how would t..
The current world economy is increasingly becoming integrated and interdependent; as a result, the relationship between business and society is becoming more co
Do the following variables have a positive, negative, or roughly zero correlation in a cross- section of countries: GDP per capita and the number of books published (hard copy + electronically) per capita?
Find the three stages of production. If the wage rate is $500 and the price of output is $5, how many workers should the firm hire? Why?
A firm has the production function y = x1^1/2 * x2. In the short run it must use exactly 15 units of factor 2. The price of factor 1 is $75 per unit and the price of factor 2 is $2 per unit. Derive the firm’s short-run marginal cost function.
Examine the residuals of your estimated equation to determine whether any of your years might be considered an outlier in the regression.
What are the conditions for the four types of markets (perfectly competitive, monopolistic, monopolistic competitive and oligopolistic market)?
To produce a boat, you need wood as an intermediate good. If this country imports both boats and wood, a 10% tariff rate can be imposed on boat imports, and a 5% tariff rate can be imposed on wood imports. The effective rate of protection after impo..
Price Elasticity of Demand. Discuss the price elasticity of demand. Is it directly related to the availability of suitable substitutes for a product?
Explain how supreme as well as comparative advantages were used in your simulation.
Which level of measurement conveys the most information? Which of the following is NOT an example of reliability? What is one way to obtain a criterion validity measurement?
The demand for a good is P= 80 - 3Q. The supply is P= 40 + 5Q. Assuming a perfectly competitive market: a) What is the equilibrium price and quantity?
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