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Independent farmers in Kenya would grow coffee which they would roast and consume as a much-needed beverage. Show the circuit of production for this way of getting something to drink with breakfast. How is this circuit changed if the farmers exchange some for what they produce for Coca Cola? Show the circuit of production if farmers sell some produce for money which they use to buy Coke. Is there a tendency for farmers like this to increase their production? b. British authorities wanted Africans to produce more coffee for British coffee companies who hire British workers to roast the coffee for sale in cafes throughout the world. They imposed taxes that had to be paid in currency. Show how this changed the circuit of production for Kenyan farmers and the market for British labor. c. British coffee companies used profits from selling Kenyan-grown coffee to buy opium in India to sell in China in exchange for Chinese silk for sale in Britain for money that they use to buy more Kenyan coffee and to hire workers to roast the coffee. Show the circuit of production for the British coffee companies. d. (1 point) Indian opium is addictive and the Chinese authorities ban its sale. What happens to the market for Kenyan coffee and for British labor? If the British persuade the Chinese to allow the sale of addictive opium, use the circuit of production to show the effect on the markets for opium, silk, coffee, and British labor.
Amalgamate the information you have gathered and tell the economic consulting firm which actions you think OPEC will take over the next year based on your answers.
The Law of Supply suggests that the price-elasticity of supply is: If a 10 percent increase in the price of one good results in no change in the quantity demanded of another good, then it can be concluded that the two goods are: Marginal utility is t..
What can you infer about expected change in the exchange rate between the Canadian dollar and the U.S. dollar? A friend proposes a get-rich-quick scheme.
Betty can make either “12 bottles of wine and 0 boxes of chocolates” or “0 bottles of wine and 96 boxes of chocolates” or a combination of wine and chocolates. Find the equilibrium price (P), quantity (Q), and revenue in a market characterized by the..
Imagine a firm in monopolistic competition. A firm in monopolistic competition produces a product that you are familiar with, such as clothing and food. Use the cost and revenue curves for your market with monopolistic competition to determine price,..
A typical firm in a perfectly competitive market has a cost structure described by the equation: C = 25 − 4QF + Q2F where QF is measured in thousands of units. Using the profit-maximizing condition, P = MC, write an equation for the firm’s supply cur..
Illustrate what role do fiscal and monetary policies have to lead to higher or lower budget deficits.
Initially Country A imports apples because the world price (PW, blue) is below the price that would apply (PA), in the absence of trade, in A; illustrated in diagram 1. Consumer and producer surplus are shaded in green and yellow respectively. show t..
What is NIEO (pp. 130-137)? What major demands did the Third World countries put forward? Are these demands reasonable? What major forces have shaped the development process for LDCs? How do these forces create tensions between the South and the Nort..
Meagan deposits $750 from her piggy bank into her checking account at Regions National Bank. The reserve requirement is 10% and the bank has no excess reserves. What is the immediate effect on the M1 measure of the money supply of her deposit? Explai..
Over the long run historically, real wages produce about same pace as labor productivity.
Examine the level of business activities in the U.S. economy over the past few months. Which trends do you find of interest? What stage of the Business Cycle is the U.S. economy, given the current levels of business activity? Use current data
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