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In early 2014, China decided to cancel the 1.3 million tons of rice import contract with Thaolanf. Using demand and supply analysis, answer the following questions with supporting graphs.
a) What will the effect of the cancellation of the import contract on the equilibrium price and quantity of rice in Thailand?
b) What will be the effect of the cancellation of the import contract km the equilibrium price and quantity of rice in China?
c) If China increases the import of rice from Vietnam in order to stabilize 5 he domestic price of rice, how will it affect the equilibrium price and quantity of rice in vietnam?
d) Suppose the Vietnamese rice producers have built the storehouses and expect the increasing demand for rice from China will keep pushing the price up in the fiture. How would you expect the current equilibrium price and quantity of rice in Vietnam to change, compare to those before China increases the import of rice from Vietnam?
Consider Romer’s growth model of Chapter 6 and let ¯ A 0 = 100, ¯ l = 0 : 06, ¯ z = 1 = 3000, and ¯ L = 1000. What is the growth rate of output per person in this economy? What is the initial level of output per person? What is the output per person ..
A firm has estimated that the demand for its product comes from two types of customers, type I and type II. Each type I customer -there are 30 of them- has a demand curve given by Q = 20 - P, while each type II customer -there are 50 of them- has a d..
Aaron and Barry, living close to the entrance to the Yosemite National Park, sell the same kind of drinking water to tourists. Every day in the morning, Aaron carries some water to the park. Barry, observing how much water Aaron brings to the park, d..
Derive an expression for average cost. Derive an expression for marginal costs. Is there any range of production characterized by scale of economies. Elucidate what production level are scale economies exhausted.
Which of the following is a payroll tax?
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Assume to latest discoveries in biochemistry significantly lengthen our life expectancy. Illustrate what is the impact on the educational attainment of workers
Explain which fiscal and monetary policies might "activist" Keynesian economists recommend to help a depressed economy regain full employment.
q.electoral college system take a country named know land that has. suppose there are 9 small states in know land where
What are the current account and the capital account in the balance of payments? For each of the international transactions below, determine whether it is a credit or a debit in the US balance of payments, whether it is a current account or capital a..
During the business cycle, we can expect supply side economic growth:
In late 1991 two firms, Delta Airlines and the TRump shuttle, provided air shuttle service between New York and Boston of Washington. The one-way price charged by both firms was $142 on weekdays and $92 on weekends, with lower off-peak advance purcha..
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