The figure below represents the domestic market for wheat in a small country. Imports of wheat are prohibited. Price ($ per bushel) $180 $160 Sa (domestic supply curve) World price Da (domestic demand curve) 0 40 60 120 150 Quantity (millions of bushels) With an export subsidy of $20 per bushel, the production effect of the export subsidy amounts to $1 billion. $2.2 billion. $300 million. $200 million.
Q: ill in the Blank question. Even though they had more disposable income due to stimulus checks from…
A: Economics refers to the study of scarcity and its implications for the use of resources, production…
Q: Suppose that the real GDP of a country was $90 billion in the first quarter of 2021 and $100 billion…
A: Gross domestic product is the summation of a country's final goods and services produced within a…
Q: The following graph shows the cost and revenue curves for J'Aime Bakery, which sells croissants in a…
A: A perfectly competitive market is a market structure that consists of many small firms and many…
Q: 7 short term, medium term and and long term outcomes of a social enterprise dedicated to providing…
A: The objective of the question is to identify and explain the potential outcomes of a social…
Q: Marginal and Total Costs Quantity Total Marginal (Q) Cost Cost (TC) (MC) 0 15 1 25 2 70 30 3 4 40 5…
A: Total cost refers to the cost of production a firm incurs at different levels of output.Marginal…
Q: Discuss and carefully evaluate the health sector reform The Patient Protection and Affordable Care…
A: Social welfare means the overall state of knowledge or the level of contentment existing in the…
Q: plot. Assume that all of the plots are basically indistinguishable and that the minimum selling…
A: The maximum sum of money or other resources that a person is ready to trade in exchange for a…
Q: Both Geppetto and Lewis are toy store owners. They decide that they would like to trade puzzles and…
A: The value of alternative opportunities foregone and sacrificed to acquire one unit of a commodity is…
Q: Acad business that is considering its first project. The required equipment investment by the…
A: NPW (Net Present Worth) is another term for Net Present Value (NPV). It's a measure used in finance…
Q: When the price of enchiladas is $1.00, a restaurant sells 1200 enchiladas per day. The restaurant…
A: The goods demand will be affected by several factors like price, income levels, tastes and…
Q: Instructions: Enter your answers as a whole number. a. Fill in the marginal revenue (MR) and average…
A: The table consists of total cost and marginal cost is provided.The price is…
Q: do fast i will 5 upvotes.
A: The objective of the question is to understand the impact of a tariff on the market for oranges in…
Q: 2. A company is planning to install a new automated concrete block making machine. Four different…
A: Present worth (PV), also known as present discounted value, refers to the current value of an…
Q: 4. Do you agree with the statement that “the best strategy is to know what you should not do”? Try…
A: In navigating the complexities of life, business, and decision-making, the age-old adage "know what…
Q: Instructions: Enter your answer as a whole number. If you are entering a negative number include a…
A: Marginal propensity to consume (MPC) refers to the proportion of aggregate raise spent for the…
Q: Which of the following are products or services of oligopolists that you own or regularly purchase?…
A: Option (C) is correct.Automobiles, personal computers, and gasolineExplanation:An oligopoly is a…
Q: 3 1 The graph below illustrates the money demand and investment demand for the economies of Pabst…
A: Note: As per policy we are supposed to do only the first three sub parts. Please repost the question…
Q: The Netherlands abolished its patent system in 1869. What did subsequent innovation in the…
A: The study of the Netherlands ditching its patent system in 1865 is a historical case, from which we…
Q: ExxonMobil runs two oil refinery plants, one in Indonesia and the other in Malaysia. The total cost…
A: Answered belowIndonesia=1, Malaysia=4. -40.Explanation:Step 1:To find the optimal production levels…
Q: In 2012, the economy of Singsville had an aggregate demand and aggregate supply according to the…
A: Cyclical unemployment occurs as the business cycle changes and the demand for labor changes. It…
Q: Money Market Mutual Fund Balances Held by Businesses Money Market Mutual Fund Balances Held by…
A: M2 money supply is the cash held by the people on hand. It also includes all the finances that are…
Q: Firms experience economies of scale for several reasons. What is one such reason? A firm might…
A: Economies of scale are the basis for why with the increasing production scale, the average cost of…
Q: Please make sure to answer part C
A: a. Consider the following table:Rate of output (Q)Total cost (TC)Total fixed cost (TFC)Total…
Q: 2. Consider the following free market. $300 $200 $100 500 1200 Quantity i. Calculate consumer and…
A: Consumer surplus is the economic benefit or surplus gained by consumers when they purchase a good or…
Q: utility function
A: A utility Function is a mathematical illustration of an individual's preferences over unique…
Q: L Moving to another question will save this response. Question 1 2 p Under a strict liability rule…
A: False . Since the strict responsibility rule provides complete protection, the victim in this case…
Q: PRICE (Dollars per scooter) Profit maximization in the cost-curve diagram e following graph plots…
A: In this question we are given with cost curves of a firm operating in the competitive market for…
Q: The graph shows the demand for money curve. Draw the supply of money curve if the equilibrium…
A: In an economy the money market equilibrium arises at the rate of interest at which the quantity of…
Q: Now, imagine that Port Chester decides to crack down on motorists who park illegally by increasing…
A: The opportunity cost is time spent evaluating and that money to spend on something else. A farmer…
Q: Initially a firm's wage is w $24 and its rental cost of capital is r $24. After its wage rate…
A: Here we have to draw the Isocist line.An isocost line shows all possible combinations of two inputs,…
Q: 1. Determinants of the price elasticity of demand Consider the following list containing several…
A: The objective of the question is to understand the determinants of price elasticity of demand and…
Q: X- Unplanned Inventory Real GDP C I G M AE Investment Direction of Real GDP and Employment $500 $300…
A: Aggregate expenditure (AE) is the sum of consumption (C), investment (I), government spending (G),…
Q: The marginal utility of good A is 4 utils, and its price is $ 2. The marginal utility of good B is 6…
A: The marginal utility of good A is 4 utils for price of $2.The marginal utility of good B is 6 utils…
Q: Consider an Economy in steady state, with a Cobb Douglas Production function. They have a savings…
A: Production function is a mathematical expression of relationship of inputa and output in the process…
Q: MARR = 8%. Your consultancy business signs on with a new client. The client pays you $5000 up front…
A: b) 13%.Explanation:To solve this problem, we need to calculate the internal rate of return (IRR)…
Q: Nash equilibrium.
A: A Nash equilibrium is a concept describing a state of affairs in which each player's method is most…
Q: 1 Time Nominal price 2 Sep-75 2.94 3 Oct-75 2.75 4 Nov-75 2.58 US CPI (Sep 15-100) 22.95248023…
A: The nominal price shows the current prices of the goods and services whereas the real price reflects…
Q: (Figure: Market for TVs 2) According to the figure, if there is international trade in this market,…
A: Equilibrium in domestic market occurs at an intersection of domestic demand curve and domestic…
Q: Y T Yd C 000 500 175 325 340 600 200 400 400 700 225 475 460 800 250 550 520 900 275 625 580 Refer…
A: The marginal tax rate is the tax on the salary that one has to pay, on the last penny earned at the…
Q: Problem 03-04 (algo) Suppose the own price elasticity of demand for good X is -2, its income…
A: The own price elasticity of demand for good X is -2. The income elasticity is -1. The advertising…
Q: Draw the indifference curve diagrams for the utility functions listed below. Plot x on the…
A: "Note: As per policy only answers to first 3 subparts can be answered. Please resubmit the…
Q: Output Marginal Revenue 0 Marginal Cost -- -- 1 $ 16 $ 13 2 16 8 3 16 10 4 16 15 5 16 22 Refer to…
A: In this question we are given with a table depicting the output level, marginal cost and the…
Q: The following diagram presents a circular-flow model of a simple economy. The outer set of arrows…
A: Households earn income when firms purchase factor services in factor market.Explanation:Approach to…
Q: Using the midpoint method, the price elasticity of demand for jackfruit between point A and point B…
A: Using the midpoint method, price elasticity is calculated by taking the average percent change in…
Q: Hand written solutions are strictly prohibited
A: The objective of the question is to identify the factor that would most likely cause an increase in…
Q: PRICE (Dollars per ton) The following graph shows the domestic demand for and supply of oranges in…
A: In an open economy, the consumers and producers have incentive to earn more from making the economic…
Q: The U.S. government estimated4 that Air Force One costs the taxpayers $179,750 per hour. Air Force…
A: Production cost signifies all the expenses required by a firm to complete the production of products…
Q: Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care…
A: The objective of the question is to understand the impact of adopting a new technology that…
Q: Aggregate demand and supply curves have been widely used to analyze the performance of the…
A: Fiscal policy refers to the use of government spending, taxation, and borrowing to influence the…
Q: Assume that JA$ 1.00 = GUY $ 2.00. In each scenario below you are asked to find the new value of the…
A: The objective of the question is to calculate the new value of the Jamaican Dollar (JMD) in each of…
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 1 images
- A steel mill, S, produces 20 tons of water pollution for every 100 tons of steel it produces. The downstream village of Watertown (WT) spends $150 per ton of water pollution from S to eliminate itsenvironmental harm. S is a price taker in an international market where the demand for steel is p = 100 – 3X and the market supply of steel is p = 40 + 3X. X is in units of one (1) million tons per day and p is the price in dollars per ton of steel. S has a daily increasing marginal cost of production function, MC = x.S's Total Cost function = x*x/2 where x is S’s daily output.(a) If S has no legal liability for its pollution, what is S’s daily production of steel?How does your answer here relate to the concept of private efficiency?(b) WT wants to bargain with S to reach an optimal agreement on this pollution. Assuming S is still not legally liable for its pollution and both S and WT do not use lawyers, would there be an agreement? How does your answer here relate the concept of private…Suppose the demand and the supply for lumber (harvested wood processed in a sawmill) used for construction in Australia are given byQD =100 – 2PQS = 1/2PAssume also that the market is perfectly competitive.Suppose the lumber market described was closed to the rest of the world. Now it opens to trade and the world price of lumber is 20. Compute the equilibrium price, quantity supplied by domestic producers, and quantity demanded by domestic consumers.2.Use a demand and supply graph to show how consumer surplus, producer surplus, and total surplus change with international trade.3. Now suppose that Country A is a major exporter of lumber to Australia and in an effort to impose sanctions on Country A, Australia imposes a tariff of t=10 on all lumber imported into Australia. Use a graph of supply and demand to show how the tariff changes consumer, producer and total surplus.4. Calculate the equilibrium price, quantity produced and demanded domestically, tariff revenue, and deadweight loss.A steel mill, S, produces 20 tons of water pollution for every 100 tons of steel it produces. The downstream village of Watertown (WT) spends $150 per ton of water pollution from S to eliminate its environmental harm . S is a price taker in an international market where the demand for steel is p = 100 – 3X and the market supply of steel is p = 40 + 3X. X is in units of one (1) million tons per day and p is the price in dollars per ton of steel. S has a daily increasing marginal cost of production function, MC = x. S's Total Cost function = x*x/2 where x is S’s daily output. (a) If S has no legal liability for its pollution, what is S’s daily production of steel? How does your answer here relate to the concept of private efficiency? (b) WT wants to bargain with S to reach an optimal agreement on this pollution. Assuming S is still not legally liable for its pollution and both S and WT do not use lawyers, would there be an agreement? How does yo ur answer here relate the concept of…
- What are the effects of farm subsidies such as those of the United States and the European Union on ( a) domestic agricultural prices, (b) world agricultural prices, and (c ) the international allocation of agricultural resources?Current Stats for Gasoline: Government Enforced Price Ceiling - $4.50/gallon Current Market Equilibrium - $3.00/gallon OPEC, the largest global supplier of oil used to make gasoline, has decided to reduce output by 50%. This policy change is expected to drive up the cost of gasoline to $5.00/gallon. How does that price change interact with the price ceiling? A. Changes the Price Ceiling from Binding to Non-Binding B. Disrupts Oil Supply C. Changes the Price Ceiling from Non-Binding to Binding D. No ChangeIf the United States implements a subsidy on domestic salmon, this will Question 5Answer a. increase the amount of salmon imported into the United States and increase the production of salmon in the United States. b. reduce the amount of salmon imported into the United States and reduce production of salmon in the United States. c. increase the amount of salmon imported into the United States and reduce the production of salmon in the United States. d. reduce the amount of salmon imported into the United States and increase the production of salmon in the United States. Clear my choice CheckQuestion 5
- Q_{D}=400-20 P \\ Q_{S}(\text { Domestic })=30 P-30 \\ Q_{S}(\text { Imported })=10 P-50 \end{array} \] The demand and supply functions for productAare given above. a. The government imposes a price ceiling at 4 . In this case, specify the market price, quantity. In this case, is there either excess supply or excess demand? How much? b. The government imposes a price floor at 9 . In this case, specify the market price, quantity. In this case, is there either excess supply or excess demand? How much? c. The government wants to impose taxes on this product. If the tax is 3 for each sale, find the new market price and quantity. how much of this quantity is coming from imported? d. According to the policy applied in the (c), find the tax share of suppliers and consumers. e. In order to protect the domestic producer, the government imposed tax=2on the imported product. Under new policy, calculate market price and quantity. f. According to the policy applied in the (e), has the policy of the…Price per litre ($) Quantity Demanded in 000 Quantity Supplied in 000 litres (per Month) litres (per month) 11 0 27 10 2 25 9 4 23 8 6 20 7 8 17 6 10 15 5 12 12 4 14 10 3 16 7 2 18 5 1 3 3 Given a new government policy in Microland, Gasoline producers have started to obtain subsidies from the government. Construct a NEW diagram to show the impact of the subsidy on the market equilibrium.Suppose 1000units of product A are produced by XYZ limited but the quantity demanded for the product is 2000units. All other things remaining constant,a $18 change in price of product A results in a change in quantity demanded and supplied of 6 and 9 respectively.XYZ has a work force of 500 people who pay an income tax of $200 each to the government. 1.Calculate the new equilibrium price and quantity,suppose the government introduces a subsidy of $10 on each unit of product A.
- Please no written by hand solution The demand for the Tesla electric automobile is P = 200,000 – 2Q, where P is in $/car and Q is the number of cars sold per year The supply of the Tesla is P = 20,000 + 10Q, P is in $/car and Q is the number of cars produced per year. Find the equilibrium price and quantity of the car assuming there are no buyer subsidies. Also find consumer and producer surplus and total social welfare._____ means selling the products at a price less than the ongoing price in the market. a. Quota b. Subsidy c. Dumping d. TariffAssume that the monthly demand for Gala apple in the US is given by q=1200-300p and quantity is in million pounds. The monthly supply of Gala is q= -200+400p for p>$0.5. Now assume that the government has imposed a quantity tax equal to $0.14 on each pound of apple. What is the new equilibrium consumer price, producer price and quantity?