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What are the gains and losses of international trade? What happens when tariffs are imposed, in terms of the importing and exporting coutries? Use graphs as needed and explain your answers thoroughly.
assume there are 400 families in a community. each of these families spends exactly 100 plus one-half of its total
Economists have observed that spending on restaurant meals declines more during economic downturns than does spending on food to be eaten at home. How might the concept of elasticity help to explain this phenomenon?
1. how is the welfare cost of monopoly measured? also give example.2. how can economies of scale lead to monopoly? also
your son is graduating from high school and is about to enter the work force. he has developed a strong curiosity about
this problem is intended to be more open-ended than previous assignments so you can get a feel for what its like to do
Explain how China's price controls have changed consumer surplus, producer surplus, total surplus, and the deadweight loss in the markets for coal, petrol, and diesel.
What is the tax incidence of an excise tax when demand is highly inelastic Highly elastic What effect does the elasticity of supply have on the incidence of an excise tax What is the efficiency loss of a tax
A perfectly competitive industry is initially in a short-run equilibrium in which all firms are earning zero economic profits but are operating below their minimum efficient scale. Explain the long-run adjustments that will create equilibrium
An economy is currently made up of a firm that produces bread, a firm that produces butter, and a consumer who consumes both bread and butter. Current production is 100 units of bread, 50 units of butter which the consumed by the consumer.
Indifference theory can explain all rational choices and behavior..Try the theoryout on this situation. Suppose the only consideration for couples to have a bby or not was money
Walden's Leather is part of a regional chain of stores that sells leather goods--mostly men's and women's clothing--with the upscale Walden's brand name. Walden's primarily relies on its own stores where knowledgeable salespeople offer great servi..
two firms produce differentiated products and set prices to maximize their individual profits. demand functions for the
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