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Use the data in the preceding problem to answer the following questions. Now suppose that the United States allows no oil imports.
a. What are the equilibrium price and quantity for oil in the United States?
b. If the United States imposed a price ceiling of $74 per barrel on the oil market and prohibited imports, would there be an excess supply or an excess demand for oil? If so, how much?
c. Under the price ceiling, quantity supplied and quantity demanded differ. Which of the two will determine how much oil is purchased? Briefly explain why.
Which of Arrow's conditions is removed to prove the Median Voter Theorem? Which condition does the Borda rule violate? Which condition does the Condorcet method fail? Why do we wish to exclude dictatorship?
Mac Rowe doesn't sweat the petty stuff. In fact, he just cannot detect small differences. He consumes two goods, x and y. He prefers the bundle (x,y) to the bundle (x',y') if and only if (xy - x'y' > 1) . Otherwise he is indifferent between the tw..
Identify and list the various costs-fixed and variable, direct and indirect-required to execute the project.
Shaw, Barry, Issa and Catley (2013) state society attitudes such as the tendency to view the natural world as ‘free and unlimited good' has led to or increased our environmental problems.
Joe's t-shirt shop is located in a small college town. the majority of business is custom t shirts for university book stores. as a sideline, they also sell t-shirts locally. the local demand is Q=200-5P. calculate output, price, and profit under ..
Suppose the government reduces taxes by $20 billion, that there is no crowding out, and that the marginal propensity to consume is 3/4. 1. What is the initial effect of the tax reduction on aggregate demand
The marginal propensity to consume is 0.80. The income tax is equal to one-fourth of income. If the government decides to increase spending in order to increase output by Php 900
where K represents capital equipment and L is labor. Your company owns 4 units of capital equipment and does not have the flexibility needed to acquire additional equipment (that is, capital is fixed at K = 4). Your company is currently employing ..
A five-year-old defender has a current market value of $4,000 and expected O&M cost of $3,000 this year, increasing by $1,500 per year. Future market values are expected to decline by $1,000 per year.
What would be the effect of the policy described in part (c) on the economy's stability over the business cycle?
Customers to Live Theaters, Inc. can be divided into two groups: seniors and everyone else. The inverse demand curves for each of the two groups are given below. The marginal cost (which equals the average variable cost) of serving
What is the current unemployment rate in the United States? What is the current rate of inflation? (Go to the Web site of the Bureau of Labor Statistics at www.bls.gov to find this information.)
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