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Assume that the markets for sugar cane, rum and whiskey are initially in equilibrium (i.e., supply equals demand in each case). Assume further that a good harvest impacts the world's sugar cane crop. Sugar cane is a principal ingredient in rum, but it is not an ingredient in whiskey. Rum and whiskey are substitutes in consumption.
(i) Discuss the impact of the good harvest on each of the three markets.
(ii) Discuss the effect on the markets for each of the three products if the government implements a price restriction in the sugar cane market with the aim of protecting the farmers. How will this impact the revenues for sugar growers, rum producers and whiskey producers?
-Calculate the elasticity of labor supply with respect to effective wage rate?
Consider the information about the economy of Pakistan. Note that the currency of Pakistan is the rupee.
The average total cost of a monopolistic firm is AT C = 80/Q + 20Q. The firm is facing the demand function given by P = 6000 − 20Q. a) What will be the total profit that this firm will generate if it chooses price and quantity optimally?(Profit=22492..
In 2010, the Laser Company produced 18 t-shirts. Three of them were sold to Catherine for $699 each, later that same year Catherine sold the now used t-shirts to Max for $571 each. The reaming t shirts that Laser produced were not sold to anyone that..
You pay $100 for a 10 year 6% coupon bond with a face value of $100. You hold the bond for one year and then sell it (you buy a 10 year bond then a year later you sell a 9 year bond). If interest rate falls from 6% to 5% what is your return from hold..
Joe deposited $2206 into an account paying 6% compounded annually. In year 4 he made an additional deposit of $3430, but in year 8 he had to withdraw $630. How much does Joe have in his account in 25 years?
All firms in a competitive industry have long-run total cost curves given by LTC(Q) = Q3 – 10Q2 + 36Q where Q is the firm’s level of output. What will be the industry’s long-run equilibrium price? What will be the long-run equilibrium output level of..
How do you know which consultation method is the best option to use?
The demand for diamonds is given by PZ = 680 - 2QZ where QZ is the number of diamonds demanded if the price is PZ per diamond. The total cost (TCZ) of the De Beers Company (a monopolist) is given by TCZ = 100 + 50QZ + 0.5Q2Z. What is social welfare w..
Assume a hypothetical economy in which the velocity is constant at 2 and real GDP is always at a constant potential of $4,000. Suppose the money supply is $1,000 in the first year, $1,100 in the second year, $1,200 in the third year, and $1,300 in th..
Some of the forces working against freer global trade are:
Why do central banks conduct inflation targeting (IT) as a policy framework? Discuss some of the advantages and potential disadvantages of a central bank
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