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Q. 1. Use the data in the preceding problem to answer the subsequent questions. Currently supposethat the United States allows no oil imports.
a. What are equilibrium quantity and price for oil in the United States?
b. If the United States imposed a price ceiling of $74 per barrel on the oil market andbanned imports would there be an excess supply or an excess demand for oil.If so, how much?
c. Under the cost ceiling also quantity supplied and quantity demanded differs. Illustrate which among the 2 will determine how much oil is purchased? Briefly explain
2. On April 20, 2010 an oil-drilling platform owned by British Petroleum exploded in the Gulf of Mexico causing oil to leak into the gulf at estimates of 1.5 to 2.5 million gallons per day from well over two months. Due to the oil waters which has devastated the commercial fishing industry in the area. Explain how the reduction in supply from the reduced fishing waters will either increase or decrease consumer surplus and producer surplus, and show these changes graphically.
Clarify what happened to the profit maximizing output rate when input costs were increased.
Should Roscoe's Rascals match the price offered by the competitor.
With the decrease in demand for bridge and tunnel crossings, what is the optimal way to adjust tolls: raise tolls, lower tolls, or leave unchanged.
The difference between the cost to produce the CDs and the price you paid for them spending $30 on two new CDs spending $30 on dinner and a movie with your friends.
Illustrate what would be the production possibility frontiers for Brazil as well as the United States.
Illustrate the solution graphically using Labor Supply / Labor Demand and Production Function diagrams.
Mustard and mayonnaise are substitutes. Mustard and relish are complements. Mustard is a normal good. During the summer, about 50% of all mustard was recalled by manufacturers and removed from store shelves.
The Investment demand curve is a useful tool to summarize an important and complex relationship in the economy.
To what extent does educational planning in the policy decision ought to be guided by economic considerations
What percent of the tax is borne by buyers. If income rises to $40,000, how much will tax revenue rise.
Starting with the situation in part d, suppose the government starts taxing the population $30 each year without spending anything.
Idea that a country can simultaneously pursue only two of the three following policies: free international-capital flows, monetary policy for domestic stabilization, and a fixed exchange rate.
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