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Suppose a small country Neverland exports only silver and gold. These two industries employ 40% of the population of Neverland. Export is equal to 50% of Neyerland's GDP; 60% of all the export revenue Neverland obtains from silyer export. Other things being equal, if the price of silver on the world market goes up by 20%, by how much Neverland's welfare will change? [Type your answer in percent (to the first decimal point] and use sign for the direction of change, i.e. if your answer is & goes up by 20.56% type 213.6, if your answer is "goes down by 20.34%" type -20.3.]
Assume the market for heating energy. This year it is forecasted to be an unusually cold winter. Explain what will happen to the market for heating energy. Identify the effect on equilibrium quantity and price. What happens to the number of firms in ..
The German Consumer Price Index was 121 in 2010, and it was 87 in 1998. If you put aside $8,014 in 1998, then how much would you need in 2010 to buy what you could have bought with the $8,014 in 1998?
The market supply and demand functions for a product traded on a perfectly competitive market are given below: QD = 40 – P QS = -5 + 4P Based on this information, Calculate the equilibrium price and quantity in this market.
Calculate the monthly interest rate first, then multiply by 12 to obtain the annual percentage rate, APR). Express the interest rate as an integer. For example, for 6%, enter 6.
What happens to the difference between the value of average total cost and average variable cost?
Summarize the arguments as to why we should not worry about the very large size of recent and current Federal deficits and our National debt. Deficits naturally occur with business cycles. Deficits can be used to lower unemployment now. Deficits spen..
In the immediate market period for a highly-perishable crop like tomatoes, the individual farmer's supply curve tends to be:
What is the break-even probability of collection?
Consider Solow model with technological change. Suppose growth rate of technology increases from ? to ?'.
Given the following total profit function: π = 144X - 3X^2 - XY -2Y^2 + 120Y -35 1. Determine the level of output of each commodity at which the firm maximizes its total profit 2. Determine the value of total profit at the maximum output level
International Cow Packers (ICP) is a $12 billion meat processor (slaughter, processing, and packing). Founded in 1943, ICP has grown to become the largest beef and pork processor in the United States (revenues come 90% from beef and 10% from pork) an..
Lulu has a utility function of U(X,Y) = (5X + 3Y) for goods X and Y. Assume that she is a utility maximising consumer who spends all of her weekly budget of $18
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