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- Suppose price is 5 percent above equilibrium intwo markets: a market for a necessity and a marketfor a luxury good. All else equal (including supplyconditions), in which market do you expect deadweight loss to be greater? Explain.a) Given that Vincyland is a small country, thorougly examine the partial equilibrium welfare effects associated with imposing a tariff on their import good given that the prediction of the imported good yields a positive externality.(use theories) b) Should a subsidy have given a more desirable solution. Please explain thorougly Assume that Trinbago is a small country that produces wine and motor vehicles, where motorvehicles are capital intensive. Trinbago is also capital intensive, and the standard Heckscher -Ohlin(H-O) assumptions hold. The other country in the model is Vincyland.Consider a situation in which two countries, Home and Foreign, can produce a good that is subject to external economies of scale. Assume that firms in both countries face the same average costs curve (AC), given by: AC = m + r/(s+q) where m=3, r=20, s=2 and Q indicates quantity. The demand curves are given by, respectively: Q= b - P for Home and, Q = b* - P for Foreign, where b=20 and b*=40 . Q indicates quantity and P indicates price. Answer the following questions: Plot the AC curve and the demand curve for both Home and Foreign in the same graph (put quantity in the x-axis and price and cost in the y-axis. (Please do not use python to plot the graph and would appreciate a picture of the graph). Assume that both countries are closed to international trade. Compute the equilibrium price and quantity in both countries. Assume that these two countries open to trade with each other. Which country will produce the good? Explain why. What are the benefits of international trade…
- 3. A small country can import a good at a world price of 10 per unit. The domestic supplycurve of the good is S = 20 + 10P , D = 400 - 5P.In addition, each unit of production yields a marginal social benefit of 10.Now, suppose demand and supply are exactly as described in problem 3, but there is nomarginal social benefit to production. However, for political reasons the government counts adollar's worth of gain to producers as being worth $3 of either consumer gain or governmentrevenue. Calculate the effects on the government's objective of a tariff of 5 per unita. Suppose a market is introduced for the externality Eveline causes on Victor. Let us denote by px the price of this externality. Suppose "property rights" are assigned such that Victor has the right not to experience the smell of cooked cabbage. The competitive equilibrium price ratios pm and Px are equal to? b. Derive the market allocation corresponding to the new competitive equilibrium of the economy formed by Eveline and Victor (ce, me) and (cv,mv). c. Is the new competitive equilibrium Pareto efficient?Distinguish the true statements from the false statements. True False Market failure occurs when negative externalities are present but not when positive externalities are present. The government sometimes intervenes when a market failure occurs. Externalities are the only example of market failure. Market failure occurs when either negative or positive externalities are present. Market failure is when a market provision of a good result in an inefficient quanitity.
- What is an external benefit? An external benefit is a benefit that OA. always equals external cost OB. experiences increasing marginal returns C. affects someone other than the buyer of a good OD. is greatest at the equilibrium pointB. Let’s consider the market for flour in a different town. Assume that it is efficient (i.e. that there are not external costs to producing flour, and no external benefits from consuming it). Price ($/lb) Quantity Supplied (thousands of lbs per day) Quantity Demanded (thousands of lbs per day) 1.5 8 14 2 9 13 2.5 10 12 3 11 11 3.5 12 10 4 13 9 What is the price and quantity of flour sold without government intervention. Graph this equilibrium. XXXX 2. Suppose that, alarmed by the inability of many poorer consumers to buy flour, the government institutes a $2/lb price ceiling. How much flour will suppliers wish to sell, and how much will buyers demand? How much flour will actually be sold? Show this outcome on the same graph you drew for question 1. XXXX 3. Describe, in one sentence each, three problems that this policy might create? Please do not simply copy down phrases from the textbook, but instead describe ways that…Consider Good A. There are NO externalities associated with Good A. a.) Draw a ( general- you don’t need any specific numbers) graph that shows the deadweight loss that would result if a tax is placed on Good A. b.) Suppose that, after the tax is placed on Good A, the quantity consumed ( by all customers) is equal to 90,000 units of Good A. Is the efficient level of output in the market for Good A greater than 90,000 , less than 90,000 , or equal to 90,000 ( just circle your answer ; you don’t have to explain)? (7) The efficient level is greater than 90,000 The efficient level is less than 90,000 The efficient level is equal to 90,000
- The demand curve for tea is Q = 250 – 10P in Canada. Q is quantity in millions of pounds and P is the market price per pound of tea. Suppose that Canada is importing all of its tea demanded. Foreign producers can ship tea to Canadian distributors at a constant marginal (= average) cost of $8 per pound, and Canadian distributors can in turn distribute tea for a constant $2 per pound. The Canadian tea market is competitive. Government is considering to impose a tariff on tea imports of $2 per pound. Does the tariff result in net gain or a net loss to society as a whole?On a generic supply-demand graph, show the deadweight loss ( DWL) of a price ceiling that is placed below the equilibrium price for a product ( you should assume that there are NO externalities associated with the product).Considermarketforagoodcharacterizedbythefollowinginverse demand and supply functions: PX = 10 − 2QX and PX = 2 + 2QX.a. Compute the surplus received by consumers and producers.b. Now suppose all manufacturers of this good are to pay a lump tax of $0.10that will be used by the government regulators to defray some of the environmental cost imposed by this good’s production. What will be the new surplus received by consumers and producers?c. Based on your results in part ‘b’ above, how will you evaluate the impact of this tax policy on the society? Explain
