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The wool industry in Hypothetica is highly competitive with the many woolgrowers seeing themselves as being price takers in an industry with no significant barriers to entry. In order to improve the incomes of woolgrowers, the government of Hypothetica is contemplating subsidising wool production in order to reduce woolgrowers' costs and thus increase their profits. The government is also considering, as an alternative policy, the provision of funds for the wool industry to improve the marketing of its product and thus to increase the demand for wool. Using diagrams, show the impact of each of these two policies on a typical firm (i.e. woolgrower) in the wool industry in the long run. (Assume constant costs and also assume that all firms in the industry are initially in long run equilibrium). Will the typical woolgrower be better off in the long run if either policy is implemented?
In Costa Rica, only a few beaches remain that are nesting grounds for sea turtles. Some of those beaches have communities situated near them; traditionally, the local people collected the turtle eggs and sold them for their purported aphrodisiac p..
Economies around the world are becoming increasingly globalized. How does globalization affect the choices you face in your economic decisions?
Jennifer spends all her income on two goods, X and Y. In Year 1, P X = $15 and PY = $24, and at her utility-maximizing equilibrium she bought 20X and 30Y.
Do U.S. ethical problems give us the right to demand ethical controls from international companies based outside the United States?
You are a business adviser for Alba and Gavigan. Describe a skimming price and a penetration price, and advise them whether they should charge a skimming price or a penetration price, with supportive reasoning for and against each pricing alter..
The short run variable costs below are for a firm in a perfectly competitive market. All firms producing this good have the same costs. The demand is the market demand for the good this firm produces
Economic article 2 pages -Exports -Trade Agreement -National Income -World Bank
Suppose that consumption depends on the level of real money balances (on the grounds that real money balances are part of wealth). Show that if real money balances depend on the nominal interest rate, then an increase in the rate of money growth a..
In calculating the incremental cost of a particular project, how would you treat the possible future costs of a lawsuit that may occur as a result of this project, where the cost of the lawsuit might range from $10,000 to $500,000 with an associat..
Suppose demand is given by Qd(p)=99-2p, and supply is given by Qs(p)=p. Find the free market equilibrium price and quantity. Now consider government imposes a $3 quantity tax on transaction. Find the new market equilibrium prices and quantity. Comput..
At a meeting with the manager, the accountant suggested raising the price of the hamburgers to $4.00 to improve the profit margin (P – AC). The manager noted that this would lead to a decline in sales, which would increase average cost even further.
the following data is for a purely monopolistic firm and is valid in the short run.pricequantity demandedtotal
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