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Author Question: A trade policy that allows a country to gain at the expense of other countries is called A) ... (Read 64 times)

vicotolentino

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on: Jul 1, 2018
A trade policy that allows a country to gain at the expense of other countries is called
 
  A) countervailing duty policy.
  B) a beggar-thy-neighbor policy.
  C) an antitrust policy.
  D) a dumping policy.

Question 2

Suppose there are 1000 identical wheat farmers. For each, TC = 10 + q2. Market demand is Q = 600,000 - 100p. Derive the short-run equilibrium Q, q, and p. Does the typical firm earn a short-run profit?
 
  What will be an ideal response?


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Laurenleakan

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Reply #1 on: Jul 1, 2018
Answer to Question 1

B

Answer to Question 2

The firm's supply is q = 0.5p; market supply is Q = 500p. Market equilibrium can be found as 500p = 600,000 - 100p, or 600p = 600,000, so p = 1,000 and Q = 500,000.
q = 0.5p = 500. Profit = (500  1,000 ) - (10 + 250,000 ) = 249,990. Each firm earns a profit.


vicotolentino

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Reply 2 on: Jul 1, 2018
YES! Correct, THANKS for helping me on my review

patma1981

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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