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- suppose you ar etrying to determine the aftereffects of hurricane Katrina on the economy of Louisiana. Which assumptions could be made to simplify the study? Note that not all statements may be placed. 1. consider the effects on all of Louisiana's interstate trade partnters 2. focus on just the crawfish-and catfish-farming industries in Louisiana 3. determin the effects while holding the infrastructure and factors of production constant 4. track the total net worth of the output produced by the state prior to the hurrican and after the hurricane 5. compare the change in prices for all goodsAfter two years of suspension, this 2022 the National Cheese and Wine Fair returns, which will take place on weekends from May 20 to June 5, in Tequisquiapan. The 42nd edition is expected to generate an economic benefit of 120 million pesos and receive 60,000 visitors, informed the Coordinator of Liaison and Monitoring of the State Tourism Secretariat, Yara Beltrán Gómez. During the presentation of the fair, he said that the state has more than 30 vineyards and 11 artisan cheese factories, emphasizing that it is the most visited wine tourism region in the country, attracting a million visitors annually. Based on your knowledge of economics, and that you are a supplier of grapes to produce Cavernet wine, and where you take the price of grapes as established by the market, determine the optimal amount of production. Includes graphical analysis. a) Where the IMG = Demand b) Donate the IMG=CMG c) Where the Img=CmeT d) All of the abovea) Describe, in general, the flow of the decision-making process in economic engineering. b) Calculate the equilibrium price and quantity corresponding to a scenario with a demand curve represented by Cd = 1600 - 30Pb and a supply curve represented by Co = 1400 + 70Pb. c) Calculate the new quantities supplied and demanded for the scenario of letter 'b', assuming a 10% increase in the equilibrium price found above.
- Suppose the current exchange rate is 115 yen perdollar. We currently have a demand for 50 units of ourproduct when the unit price is 800 yen. The cost ofproducing and shipping the product to Japan is $6, and the current elasticity of demand is 22.5. Find the opti-mal price to charge for the product (in yen) for each of the following exchange rates: 60 yen/$, 80 yen/$, 100yen/$, 120 yen/$, 140 yen/$, and 160 yen/$. Assumethe demand function is linear.V1 why is becoming suppliers for foreign firms a good stragey when evntering a foreign marketindicate whether you think the statement is true or false andexplain why. 15. The discounted rate is usually positive.16. When constant marginal cost > 0, marginal net benefit (P-MC) increases at the rate ofinterest.17. Hotelling’s rule states that the dynamically efficient allocation occurs when the presentvalue of the marginal net benefit for the last unit produced is equal across time periods.18. Monopolist over-converse resources from a dynamic efficiency perspective.19. When the growth rate in demand exceeds the discount rate, the efficient outcome in acompetitive industry will result in a larger amount of oil available for the future period thanthe current period.20. Biofuels are a back-stop technology for oil and would cause more present production ofoil
- Assume supply of a rice: QS = 1800 + 240P, 1981 Demand for rice: QD = 3550 - 266P.What is the market clearing price? Assume now that government wants to support a priceof $3.60/kg and thus buys the additional amount from the market. Find the change inconsumer surplus, cost to the government and gain of the producer. Instead of pricesupport if government gives a supply restriction of 1500 kg what would happen?use diagramsa. What is the effect on the equilibrium price and quantity traded in market of theintroduction of a new technology that reduces costs of production for all firms?b. What is the effect on the equilibrium price and quantity traded in a market of a changein tastes that reduces the demand for the product?c. What is the effect on the equilibrium price and quantity traded in a market of theimposition of a tax per unit sold on suppliers?d. What is the effect on the equilibrium price and quantity traded in a market of thepayment of a subsidy per unit sold paid to suppliers?b) Discuss and explain the concept of positive return toscale showing it relationship with the quantity ofproduction.
- Intermediate MicroeconomicsProblem Set 10.Submission options:• in person during lectures or TA sessions;• in Xiaoye Liao’s mail box at 19 West 4th, 6th Floor;• (less recommended) e-mail Xiaoye Liao atxl775@nyu.edu– in that case, be sure to use the subject line: “Submission Problem Set 10â€.Exercise 1Consider a game of rock-scissor-paper. There are two players, player 1 and player 2,and the winner receives $1 from the loser (if they draw, nothing happens). They playthis game simultaneously.1. What kind of game is this? Express this game in normal form.2. What are the set of possible actions and strategies?3. Find all Nash equilibria of this game.Exercise 2Consider a game represented by the following payoff matrix. Find all pure strategyNash equilibria. UMD LCR?10, 0 ?10, ?1 ?10, ?1?8, ?8 0, ?102, ?14, 57, ?101, 1 Exercise 3Consider a game represented by the following…Given- Qd=1000−25pQs=−200+5p A)What is the equilibrium price and quantity B)Graph these functions. Show where equilibrium price and quantity are. Show x and y intercepts C)What is the new equilibrium price if there is 5 peso tax per unit? D)What is the new equilibrium if there is a 3 peso subsidy per unit? (no tax applied here) E)Explain the welfare effects of taxes and subsidies based on equilibrium quantities and prices.There are several variables that contribute to today's food security problem. In today's instance, what are the impact of COVID-19 pandemic on food security?