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Canada is considered a small country that produces and consumes both AI and wheat, using 2 inputs: skilled labor, SL, and unskilled L, UL; AI is relatively skilled-L-intensive and, considering Canada's trade with Mexico, Canada is relatively skilled-L abundant. Make all HO model assumptions. Show the general equilibrium (GE) effects (i.e., use the PPF graph with wheat on the horizontal axis) if Canada puts on a tariff. Decompose Canada's welfare change into its components. Indicate on your graph the post-tariff: real income, production, consumption, X, and M. Use the appropriate version of the appropriate theorem to explain who would have lobbied for this tariff. Why is a tariff "second best"?
What would happen to unit sales and total revenue for this textbook if the bookstore reduced it's price? Is the demand for iPhones price inelastic or elastic? Why? Is income elasticity high or low?
Suppose there are 13 firms in an industry; in the absence of regulation, each of them emits 4 tons of pollution (so aggregate industry emissions are 52 tons). What would be the equilibrium price of a permit? Calculate the total cost of pollution abat..
If real property is removed from service early, how do we account for that in our depreciation calculations?
Suppose that last week’s exchange rate is 12.5 pesos to the dollar and this week’s exchange rate is 8 pesos to the dollar. What is the price of a p120 item in dollars? Has the dollar appreciated or depreciated?
Assume Aaron and Jose each own a small ranch and each produces milk and cheese. One of them is better than the other at producing both milk and cheese (but we don\'t know who). Which of the statements below cannot be true regarding absolute or compar..
Describe the role of models in economic analysis? Define the following economic terms: Scarcity, Mixed economy, Voluntary exchange, Opportunity cost.
Conclude which economic indicators the Federal Reserve should examine so it can better stabilize this particular economy.
“While inequality has risen among most developed countries, and especially English-speaking ones, it is highest in the United States” Discuss the validity of the above statement in comparing & contrasting the income inequalities in US with one of the..
An investment portfolio contains stocks of a large number of corporations. Over the last year the rates of return on these corporate stocks followed a normal distribution with mean 12.2% and standard deviation 7.2%. For what proportion of these corpo..
Assume your company's capital structure is 75% equity and 25% debt. The bank will loan you money at 6% interest, net of tax, and your only shareholder wants
After a recent study showed significant benefits to the use of public transportation, government officials have hired your consulting firm to increase the use of public transportation. In the initial meeting between the government officials and y..
How do the “rules of the game” help determine who will be poor and who will not? (Hint: How did the Civil Rights Act of 1964, which forbade discrimination on the basis of race, likely affect the incomes of African Americans compared to the incomes of..
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