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Consider the Home country with the demand curve for coffee-makers given byP = 100 -2Q,and the supply curve given byP=10+Q.
(a) Calculate the equilibrium price and quantity of coffee-makers.
(b) Draw consumer surplus and calculate its exact value.
(c) Draw producer surplus and calculate its exact value.Now assume that Home opens up to trade. Suppose it is a small economy so it faces the fixed world price of coffee-makers equal $50.
(d) Draw the new consumer surplus. Calculate its exact value.
(e) Draw the new producer surplus. Calculate its exact value.
(f) Given your answers in (d) and (e), does Home gain or lose from free trade
The market for tortillas is perfectly competitive, with market demand for packages of tortillas given by P=1 .-00002Q, with price in dollars per package and Q in thousands of packages. The short-run marginal cost curve for a typical tortilla facto..
When a recession is over, do people start to immediately feel affects of an efficient economy? Use the experience of most recent recession to justify your answer.
Miguel is a farmer who produces oats. The oat market is a pure competition market. Miguel is now making choices in the short run. The going rate for oats is currently $24 per unit. The total cost function is as the table above shows. What is the p..
Two firms, Rattler and Sidewinder, produce and sell snakeskin cowboy boots. The following payoff table represents profits in millions of dollars for a simultaneous pricing decision between the two firms.
The following function describes the demand condition for a company that makes caps featuring names of college and professional teams in a variety of sports. Q = 2,000 - 100 P where Q is cap sales and P is price. a) How many caps could be sold at $..
From the Keynesians, Y = C + I + G + NX can be transformed into a theoretical model. In particular, assume that the consumption C = A + mpc (Y-T), where A is a constant, mpc is the marginal propensity to consume, Y is national income
Discuss the meaning of the x- and y-axis values on the graph. (Hint: Be sure to label the axis) Based on the results of the graph and the profit equation provided, discuss the relationship between profits and number of e-readers produced.
Bob Nale is the owner of Nale's Quick Fill. Bob would like to estimate the mean number of gallons of gasoline sold to his customers. Assume the number of gallons sold follows the normal distribution with a population standard deviation of 2.30 gal..
Suppose that the interest rate is 18 % per year, compounded annually. What is the minimum amount of money that would have to be invested for a two-year period in order to earn $1300 in interest
With a world population in 2003 of 6.314 billion and a projected population growth rate of 1.1% instead (which is the United Nations' projection for the period 2003 to 2015). Compute the doubling time. State the year in which the world's population..
a. Calculate the marginal revenue product for each additional unit of labor if output sells for $3 per unit b. Draw the demand curve for labor based on the above data and the $3-per-unit product price c. If the wage rate is $15 per hour, how much lab..
When watching television after dinner, you suffer memory loss. You can not remember what demonstrate you just watched or what you ate for dinner.
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