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New gold mines are discovered in South Africa, a country which is an exporter of gold. These mines are immediately available for production.
a) Supposing that we have free trade, draw the South African production possibility frontier and analyze the possible effects of the gold mines discovery on its welfare.
b) Explain whether the Government of South Africa should have any incentives to restrict the gold production in the new mines. Show your results in a graph.
c) Would your previous results in (b) continue to be valid if the country discovering the gold mines was China, an importer of gold? Show your results in a graph, analyzing the possible effects on the welfare of China.
In class we built the IS-LM model using graphical representations. Below see if you can derive the formation of the model algebraically: C = 0.5(Y –T) T = 2000 I = 3,000 – 250r G = 3,000 Md/P = 0.5Y – 500r Ms/= 2,000 P=2 (a) Write a formula for the I..
Which of the following would not occur in the short run if a binding price floor were raised in perfectly competitive market? What is price discrimination? Assume that the wholesale skim milk market is perfectly competitive. Suppose demand is describ..
What does productive efficiency mean? How is it represented on a production possibilities curve? How do we determine if someone is unemployed?
Suppose the level of technology is constant. Then it jumps to a new, higher constant level. How does this technological jump affect output per capita/person, holding the capital-labor ratio constant?
On April 1, 2009, in the middle of a recession, the government of the province of Ontario, Canada increased the provincial minimum wage from $8.75 to $9.50.
By paying a higher-than-market wage, a firm can avoid the problem of:
The following graph shows the daily market for jeans when the tax on sellers is set at $0 per pair. Suppose the government institutes a tax of $5.80 per pair, to be paid by the seller. (Hint: To see the impact of the tax, enter the value of the tax i..
Suppose that an excise tale of $1 is placed on sellers in a market for widgets. Using diagrams indicate whether none, some, or all of the tax is passed on to the consumer in the form of a higher price for each case described below. Demand curve is ho..
What role do technological advances play in the classical theory of growth? The neoclassical theory? The new theory? Discuss the operational aspects required to maintain a fixed exchange rate. Provide examples and elaborations.
Which of the following is most important in increasing a nation's economic growth in the long run?
The extended demand function of good X is: QdX=1200 - 10Px + 20Py + 0.2M
Assume that the inverse demand function for a two period depletable resource is P =24 – 0.2q and the constant marginal cost of supplying it is $6 (a = 24, b = 0.2, c = 6). What would be the efficient price in the two periods? What would be the margin..
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