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Kawin is a small country that produces and consumes jelly beans. The world price of jelly beans is $1/bag, ad Kawmin's domestic demand and supply are governed by the following equations:
Demand: Qd = 8 - P
Supply: Qs = P
where P is in dollars per bag and Q is in bags of jelly beans.
a. Draw a well-labeled graph of the situation in Kawmin if the nation does not allow trade. Calculate the following: the equilibrium price and quantity, consumer surplus, producer surplus, and total surplus.
How do you find the domestic price to answer their question?
Assume the following values for Figures 5.4a and 5.4b. Q1=20 bags. Q2=15 bags. Q3=27 bags. The market equilibrium price is $45 per beg. The price at a is $85 per bag. The price at c is $5 a bag
Suppose that, instead of a minimum wage of $4, the government is providing a subsidy to employers to raise the equilibrium wage to $4. How much will this subsidy have to be and what will the new equilibrium level of employment be
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You are the manager of a pizza parlor that produces at a marginal cost of $6 per pizza. The parlor is a local monopoly near campus (there are no other restaurants or food stores within 50 miles). During the day, only students eat at your restauran..
How much training is enough?
illustrate the U.S. wholesale market for roses. Show on the graph the equilibrium in that market with no international trade and the equilibrium with free trade. Mark on the graph the quantity of roses produced in the United States
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A firm operating a chain of drug stores consider to open a new store in one of locations. The management of firm figures that at the 1st location the store will show an yearly profit of $20,000 if it is successful and an yearly loss of $2,000 if it i..
A car rental company has determined that the probability a car will need service work in any given month is 0.2. The company has 900 cars. a. What is the probability that more than 200 cars will require service work in a particular month.
You hear the argument that a reduction in the deficit will increase consumer and business confidence and thus reduce the decline in output that would otherwise occur with deficit reduction. Is this argument valid?
Assume that utility is U = log(x) + log(1 - ). Calculate the labor supply function. Explain the form of this function by calculating the income and substitution e¤ects of a wage increase.
Calculate the marginal effects in the logit analysis and compare them with those obtained using OLS.
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