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Consider the market for fresh produce in Snowland. Fresh produce is produced expensively in hothouses in Snowland. It can also be imported much more cheaply on the world market. Snowland is a "small country" in the fresh produce market: what it does has no effect on the world price of fresh produce.
Fresh produce improves the long-term health of Snowlanders. However, because they have government-provided health care, Snowlanders do not consider the health care treatment cost implications of poor health when making decisions about purchasing fresh produce.
In a new diagram, show the new price and quantity and any changes in CS, PS, Govt Revenue, External Benefits (or costs) and SS that would come if the tariff were eliminated. (So the diagram must show both with tariff (before) and without tariff (after).)
Life insurance companies require applicants to submit to a physical examination as proof of insurability prior to issuing standard life insurance policies.
Describe the effects of monetary policies on the economy's production and employment.
Suppose that the governmental authorities wished to decrease use of a pesticide that is leaching into groundwater supplies in a watershed by 60% from current use levels.
It is the measure adopted by the Government for its UK inflation target. The Bank of England's Monetary Policy Committee is required to achieve a target of 2 per cent. Inflation is the percentage change in the index compared with the same month one..
A firm has offices in London and New York. Fractional units of labor can be employed in each location (as part-timers can be hired) and the headquarters could be in either city.
Given the Demand curve for flyswatters Q = 500-50P, estimate the quantity demanded for the following prices.
The law of comparative advantage recommends that countries specialize in those products in which they have a comparative advantage, not an absolute advantage.
Given table of data comprising real GDP and its components over a number of years, compute compound annual percentage changes in real GDP (economic growth) and compute the shares in real GDP of consumption.
Show that, with a linear demand curve, the imposition of a per-unit tax on a monopoly will cause price to rise by less than the tax. Would this be true for a constant elasticity demand curve?
Compute the employment rate (i.e., number employed: population) in each year? How can employment rate may go up or down in the unemployment rate stays the same? How can employment rate go up if unemployment rate also goes up?
Compute the total revenue and total economic profit at each level of output. Compute the pizza shop's marginal costs and marginal revenue level of output. What is the profit maximizing rate of output for pizza shop?
Assume you hire a furloughed Wall Street analyst to aid you examine your production process, and she uses your historical cost records to estimate that your total cost function is C(Q) = 100 + 2Q + 3.5Q2. Using this equation, answer the following ..
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