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1. Assume a colleague at the ERS estimated the following demand and supply equations for rice in the U.S.
Q = 100 – 4P
Q = 10 +2P
Where: Q = Quantity (lbs), P= Price (cents/lb)
a. Calculate the equilibrium price and quantity of rice in the U.S.
Assume you estimated the following demand and supply equations for U.S. rice in South Korea.
Q= 70- 2P
Q = 10 + 1P
b. Calculate the equilibrium price and quantity for South Korea
c. Lets allow trading to occur between the U.S. and South Korea. Please calculate the quantity in the trade sector (the market clearing quantity in the trade sector) and the market clearing price (the equilibrium price between the two countries). (Hint: you will first need to calculate the excess supply in the U.S. and the excess demand in South Korea.
Describe how each of these activities affects government households as well as businesses.
Describe the process in the money market (demand and supply of/for money) by which the interest rate reaches its equilibrium value if it starts above equilibrium.
How much Wyandotte have to decrease the price of polyol to attain a 15% increase in the quantity sold.
Consumption per worker is 72, depreciation is 12.5%, and capital per worker is 64. Given the production function y = 20 , show that this economy is in a steady state.
US consumption expenditure includes
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q.according to the agreement achieved by the administration and the congress were there a breach of the debt ceiling
In September 1995, Patrick Buchanan, a Republican candidate for U.S. president, proposed a 10 percent tariff on Japanese imports to the United States, a 20 percent tariff on Chinese imports to the United States, and an unspecified “social” tariff on ..
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