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Question 1: Suppose the market for semiconductors in the U.S. is characterized by
Qd = 200 - 40P [Demand]
Qs = 40 + 40P [Supply]
The market for semiconductors in the rest of the world is characterized by:
Qd = 160 - 40P [Demand]
Qs = 80 + 40P [Supply]
Suppose the U.S. government imposes a quota of 24 million units on its imports of semiconductors. Calculate the magnitude of the deadweight loss resulting from the quota under the assumption that the U.S. is a small open economy. [Note: P = price per unit; Qd = millions of units demanded; Qs = millions of units supplied]
Question 2: Suppose the market for wine in the U.S. is characterized by
The market for wine in the rest of the world is characterized by:
Calculate the change in deadweight loss if the U.S. replaces a prohibitive tariff per unit on imported wine by an equal production subsidy per unit of wine sold by U.S. producers. [Note: P = price per unit; Qd = billions of units demanded; Qs = billions of units supplied]
1. a firm has the following production functionq lk.the firm wants to produce a target output level of q200. the
ntroduction of the Verson Stamping Machine helped firms in the automobile industry: shift their AVC, ATC, and MC curves upward. achieve greater economies of scale. reach their minimum efficient scale at a lower level of production.
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A firm has estimated the following demand function for its product:
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The output effect of an increase in the wage comes about because higher wages:
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