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Author Question: According to the diagram in the figure above, what is the marginal cost of producing the 3 millionth ... (Read 14 times)

laurencescou

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on: Jun 29, 2018
According to the diagram in the figure above, what is the marginal cost of producing the 3 millionth gallon of gasoline per month?
 
  A) 5 pounds of shrimp per gallon of gasoline
  B) 4 pounds of shrimp per gallon of gasoline
  C) 3 pounds of shrimp per gallon of gasoline
  D) 1 pound of shrimp per gallon of gasoline

Question 2

The table above has the domestic supply and domestic demand schedules for a product.
 
  What is the equilibrium price with no trade? Over what range of prices will the country export the good? Over what range will it import the good? Suppose the world price is 20. What is the quantity demanded, the quantity supplied, and the amount of the good exported or imported?
Foundations of Microeconomics ¦ Bade, Parkin ¦ 8th Edition
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kescobar@64

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Reply #1 on: Jun 29, 2018
Answer to Question 1

A

Answer to Question 2

The price with no trade is 12. The country will import the good at world prices below 12 and export it at world prices above 12. If the world price is 20, the quantity demanded is 160, the quantity supplied is 220, and the quantity exported is 60.


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