Draw a graph showing the effects of imposing a tariff in the small country case. Describe the results, using the concepts of producer surplus, consumer surplus and deadweight loss. Specifically address the effects on consumers, producers, government revenue and overall national well-being, connecting those effects to areas of your graph
What will be an ideal response?
Students should create a graph similar to Figure 6.3 and to describe results similar to Table 6.1.
Economics
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If the quantity supplied increases by 8 percent when the price rises by 2 percent, the price elasticity of supply is ________
A) 10.0 B) 6.0 C) 0.25 D) 16.0 E) 4.0
Economics
The above table has the marginal product schedule for a firm. If the firm is a perfect competitor and the price of the product is constant at $2 a unit, complete the table. If the wage rate is $8 an hour, how many workers does the firm hire?
What will be an ideal response?
Economics