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The US market of rice is described by the following domestic supply and demand equations: QdUS = 200 – 2 P , QsUS = -100 + 3 P where QdUS and QsUS represent the quantities demanded and supplied (in millions of tons) and P is the price per ton of rice (in hundreds of $). c) But the US not only produces but also imports rice. Now assume that foreigners are allowed to sell rice in the US. Assume that the foreign supply equation is QsF = - 200 + 5 P What would be the new equilibrium price of rice in the US when rice imports are allowed? (Hint: what is now the market (total) supply equation of rice?) Draw in only ONE graph the equilibrium situation before and after rice imports.
Suppose that a firm’s long-run average total costs of producing an individual income tax return is $75 when it produces 1,000 returns and $75 when it produces 1,200 returns.
A $1000 face value bond has a 6.85 percent semi-annual coupon and sells dor $980.00. What is the current yield? A 7 percent coupon bond has a face value of $1000 and pays interest annually. The current yield is 6.8 percent. What is the current price ..
Let the inverse demand curve be p(Q) = a − bQ. There are two firms with constant marginal costs of c and fixed costs of F1 and F2 which are incurred only if a positive quantity is produced. Show the condition that checks that the first firm would act..
Assume that you are going to start a small business of your own. Further, imagine that you are able to adequately differentiate your product, or service so that you can establish your business as a monopolistically competitive firm. Describe the busi..
Cable operator Charter Communications Inc. arranged to overpay Scientific Atlanta and Motorola $20 for each set-top box it purchased with the understanding that they would return the overpayment by purchasing cable advertising from Charter.
Sentencing System Reform: The paper should identify the various systems used in the sentencing of offenders and discuss the effectiveness of such systems. The discussion should take into account the ethics of sentencing disparity and present possible..
Explain how does price elasticity of demand for corn oil influence quantity-demanded of corn oil and Total Revenue earned by sellers of corn oil? Explain, using economic terms, why this is so.
Assume that demand for good X is a function of its price (PX), the price of good Y (PY), and Income (M) as follows: QX = {(M + PY)/(2PX)} - 1 Given the following values for these variables: PX = 2; PY = 5; M = 51 (a) Calculate the (own) price elastic..
1. what does gross domestic product gdp tell us? how did gdp change from 2008? what caused these changes? what is real
Suppose that the market for a good is composed of 1000 identical consumers. The market Demand is given by = 150,000 − 25. What is demand for an individual consumer’s demand curve? Find the equation and illustrate graphically.
Compute the price of the machine, which will make purchasing or leasing to be equally costly.
Suppose that instead of just fixed level of taxes T = Texogenous, we also include an income tax (t) in our Keynesian model (t = tax rate = .1) . Now the tax function is T = Texogenous + t (Y).
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