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If my comapny operates in a competitive market and competes with many other domestic and foreign firms.The domestic market demand for the product you produce is Qd = 500 - 1.5P.The domestic market supply curve is Qsd = 50 + 0.5P, and the market supply curve for the foreign firms in the market is Qsf = 250.
- Determine the equilibrium price and equilibrium quantity under free trade.
- Determine the equilibrium price and equilibrium quantity when foreign suppliers are limited to a 100 unit quota imposed by the U.S. government to protect domestic suppliers.
- Are domestic producers better or worse off after the quota? Why
- Are domestic consumers better or worse off after the quota? Why
Lisa is a lawyer and there are two tasks that she hates to do, even though her job requires it. Draw a graph with hours reading on the horizontal axis and hours writing on the vertical.
Illustrate what school of thought would make this suggestion, and how do economists of that school justify that prescription.
It is given an offer to split, if you accept this offer you keep the $1, and the other player keeps $19.
Bridget has limited income and consumes only wine and cheese; her current consumption choice is four bottles of wine and 10 pounds of cheese.
Life insurance companies require applicants to submit to a physical examination as proof of insurability prior to issuing standard life insurance policies.
Illustrtae what are the primary advantages and disadvantages of acquiring inputs through this means? Give an example that uses this method of procurement.
If you could identify which the group to that each consumer belong to explain how would you go about setting prices.
China's entry into World Trade Organization is likely to create more competition in local and foreign firms, as well as provide China greater access to the market of exports.
Assume that demand for oranges is given by the following equations, With quanity measured in oranges a day and price measured in dollars per Orange.
The owner of the Los Angeles Dodgers has commissioned a study that showed the demand by fans for stadium seats (per playing date) to be P = 22 - 0.2Q-How much revenue does the owner make at the current price?
Assume you executed a 90-day forward contract to exchange 100,000 Swiss francs into US dollars. How many dollars would you get 90 days hence.
In other situations it would be reasonable for a purely competitive wheat farmer to raise his price per bushel because he could reduce his variable costs by selling less at a higher price. True or false, and why?
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