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Explain how the drop in the Canadian supply, other things remaining the same, affects the maple syrup market and an individual producer in the short run.
Draw a graph to describe the maple syrup market and the cost and revenue of one firm in 2007, assuming that all firms are making zero economic profit.
Explain why in a perfectly competitive market, the firm is a price taker. Why can't the firm choose the price at which it sells its good?
Explain how the rising price of grain affects the average total cost and marginal cost of producing breakfast cereals.
Construct Yolanda's total variable cost and total cost schedules. Calculate Yolanda's total fixed cost.
Yolanda runs a bullfrog farm.When she employs 1 person, she produces 1,000 bullfrogs a week. At what output is Yolanda's average total cost at a minimum?
Draw graphs of the U.S. strawberry market in long-run equilibrium before the pollution crackdown: one of the U.S. market and one of a California grower.
California plans to crack down on the use of fumigants by growers of strawberries. On the graph, show the long-run effects of the pollution crackdown.
If the new charges cut commute times, would the Toronto road system be more efficient? Explain your answers.
With no government involvement in college education, how many students enroll, what is the tuition, and what is the deadweight loss created?
What is the outcome if they meet at Tom's home? What is the outcome if they meet at Larry's home?
How does the price of sugar in Brazil change? Do Brazilians buy more or less sugar? Do Brazilian sugar growers produce more or less sugar?
Draw a graph of the U.S. market for textiles and show how removing a tariff would change producer surplus, consumer surplus and the deadweight loss from tariff.
The United States exports wheat. Draw a graph to illustrate the U.S. wheat market if there is free international trade in wheat.
What might have been Ford's and General Motors' argument for the high tariff? Is the tariff the best way to achieve the goals of the argument?
What is the subsidy per student, how many students enroll, and what is the cost to taxpayers?
If the government offers vouchers to students, what is the value of the voucher that will encourage the efficient number of students to enroll?
Explain how ownership of these mineral resources will influence the amount of damage done to the Arctic Sea and its wildlife.
Explain how Seattle's 20-cents charge will change the use of plastic bags and how the deadweight loss created by plastic bags will change.
Plans to curtail use of plastic bags, but not much action Last summer. Explain why a complete ban on plastic bags would be inefficient.
With no government involvement in college education, how many students enroll and what is the tuition? Calculate the deadweight loss created.
If the government subsidizes colleges so that the efficient number of students will enroll, what is the cost to taxpayers?
If the government offers vouchers to students and values them so that the efficient number of students will enroll, what is the value of the voucher?
Explain the conditions under which a cap-and-trade system would reduce the amount of airline emissions to the efficient quantity.
Create large carbon emissions, but it would encourage Americans to use less carbon-intensive goods and services, which could slow global warming.