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Suppose perfect competition. Yoland is a small nation that takes world value of corn as given. Its domestic supply and demand for corn is given by the following:
Demand: D = 36-3PSupply: S = 3p-9
a. Suppose initially that Yoland does not open to trade. Determine the autarky equilibrium price and quantity?
b. Assume Yoland decides to engage in trade. Compute the quantity demanded, the quantity supplied, and import given the world price of $6 per bushel of corn.
c. If the government of Yoland imposes a tariff in the amount of $1 (i.e., t=$1), what is the new domestic price? What is the amount imported?
effects of implicit variables on supply and demand. Elucidate what would happen to the price of a pair of jeans if the following happened.
Earlier this year the increasing price of tortillas resulted in major protests in Mexico City combined with a warning from Mexican central bank that this may fuel rising inflation.
Robin and Terry are Stranded on a deserted island and consume two products, coconuts and fish. In a day, Robin can catch 2 fishes or gather 8 coconuts, and Terry can catch 1 fish or gather 1 coconut.
Account for the effect of the two proposed fiscal policy actions in the short run and long run. This includes a description of the consequences of relevant macroeconomic variables.
Suppose that the interest rate is determined by; M/P=d1Y-d2i, where P is the price level, Y is real GDP and M/P is real money stock,
Elucidate whether demand for that products and/or services is relatively price elastic or relatively price inelastic and explain why.
If the desired fiscal stimulus is $20 billion and the desired AD increase is $50 billion, we can conclude that the MPC is:
Compute the elasticity of demand for every parameter.
Paradox Dental, Limited., enjoys a local monopoly in provision of oral examination services in Tuskegee, Alabama. Total and marginal revenue relations for standard procedure are:
The manager of a corporate division faces possibility of an audit each year. She prefers to spend time preparing if she will be audited;
The demand for watermelons is highest during summer and lowest during winter. Yet watermelon values are normally not bigger in summer than in winter.
Illustrtae the possibly changes which the "accrual" accounting or the "cash basis" could bring into the financial statements.
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