Explain the impact of a tariff in a large country on the domestic price, domestic producers, consumers, government, and the economy overall. How do these results compare to a small country?

In the days when the epidemic started, the price of the mask, which is normally $ 0.25 , has climbed up to $ 8 in the market. In this period, on average, a mask found buyers in the market for $ 4.
Mask supply and demand functions
Q^d = a - bP
Q^s = -c + dP
Q^d = Q^s
Let's assume that it is. Here you can choose the numerical values of the a, b, c, d parameters to solve the problem. When making solutions, use them parametrically.

a)Using the above information, plot the supply and demand functions for the mask market. Show consumer and producer surplus values on the chart.

b)If the mask price is $ 6, write the consumer and producer residual value using the integral. (calculation is not required.)

c)The Ministry of Health has announced the mask price as $ 1. According to this explanation, write the residual value of the producer and consumer using Integral. (calculation is not required)

Please answer all four (4) questions utilizing textbook, and independent research if necessary. Provide 'complete answers' to the questions - indicating your knowledge of the subject matter supported by specific details and examples. All sources MUST be cited.  

Question 1. What is meant by the term sovereignty? Why is it significant in international law?

Question 2. Define the most-favoured-nation rule and describe two exceptions to the rule that are allowed by the GATT.

Question 3. What are the two main side agreements established under NAFTA? Describe their impact on trade between Canada, United States and Mexico.

Question 4. What is Brexit? What are some of the reasons behind Brexit?

Why do demographic data matter for understanding politics and political issues? Forecast which policies might be affected if a greater number of young people were to get involved in elections and political movements. List at least one policy and explain why it matters to young voters (under 30).

a) Relationships between sets economic variables must always be qualified by the "ceteris paribus" phrase. What does this phrase means, and how relevant is it for the development of economic theory?

b) What are the steps in the scientific methodology used by economists to investigate economic relationships.

1.In the long run, a firm in a perfectly competitive industry will supply output only if its total revenue covers

Select one:

accounting costs

opportunity costs

2.The defining characteristic that makes a good a public good is that

Select one:

it is provided by government

it is rival in consumption

it is non-excludable

all of the answers are correct

3.

If the marginal rate of substitution (MRS) of an indifference curve increases the indifference curve will

Select one:

become flatter

become steeper

shift inward

shift outward

4.

Compared to a monopolistic competitor, a monopolist faces

Select one:

a more elastic demand curve

a more inelastic demand curve

a more elastic demand curve at higher prices and a more inelastic demand curve at lower prices

a demand curve with zero price elasticity

5.

When there is an increase in the monopolist’s fixed costs in the short run

Select one:

the average variable cost curve shits upwards

the marginal cost curve shits upwards

the average (total) cost curve shifts upwards

the monopolist decreases output

6.

The Orbiter bus (fare paying public transport managed by the council) in Christchurch is

Select one:

non-excludable and rival

excludable and rival

excludable and sometimes rival

non-excludable and sometimes rival

7.

Using the following functions:

              Qd = 15 – 2P

              Qs = 3P - 6

if a tax of 20 cents is imposed on the market, the Qs + Tax function would become

Select one:

3P - 6.20

3P - 5.40

3P - 6.60

3P - 26

8.

A cooperative equilibrium results when firms

Select one:

choose the best strategy regardless of what other players do

choose the strategy that maximizes the total game payoff

choose the strategy that minimizes the payoff to other players

choose a strategy by random chance

9.

The price that a perfectly competitive firm receives for its output

Select one:

is determined by the interaction of the firm and all of the consumers who buy from the firm

is determined by the interaction of all sellers and all buyers in the firm's market

will not change in response to changes in market demand and supply because the firm is a price taker

will be lowered by the firm in order to sell more output

10.

A supply curve usually has a negative x-axis intercept because

Select one:

price elasticity of supply is usually negative

the supply curve is upward sloping

the firm will not supply goods for free

all of the answers given are correct

Your hospital is considering opening a satellite urgent care center about five miles from your main campus. You have been charged with gathering demographic information that might affect the demand for the center’s services. What data are likely to be relevant? In this forum, list and add All the variables you need, and explain why you need them. Because you are working as a big group, I don't want you to miss anything!

According to Neoclassical economists the following is a means to stimulate economic growth?

government spending to increase demand

high taxes

low taxes

The Phillips curve illustrates a trade-off between ________ and ________.

the natural rate of unemployment rate; the actual unemployment rate

the natural rate of unemployment; inflation

unemployment; inflation

The theory of ________ assumes that individuals will use all information available to them to form the most accurate possible expectations about the future.

答案选项组

rational expectations

Keynesian economics

adaptive expectations

Which of the following more than likely caused housing prices to fall after the media reported about the subprime mortgage crisis?

答案选项组

neoclassical theory

rational expectations

cyclical expectations

From a Keynesian view, during a recession, government investment in physical capital

答案选项组

always generates positive returns to investment.

has no risk of crowding out private investment in physical capital.

helps increase the output and productivity of an economy.

Tax cuts that are explicitly temporary have less impact than permanent ones because

答案选项组

temporary tax cuts are usually smaller than permanent ones.

temporary tax cuts always have less effect on the budget deficit than permanent ones do.

individuals and businesses do not change their behavior very much, since they do not expect the tax cuts to last.

A perfectly competitive firm currently producing 100 units of output has ATC= $6 and AFC = $4. The market price is $3 and is equal to MC. Is the firm currently operating in the short-run or the long-run? Explain why. Discuss if the firm is currently maximizing profits (or equivalently minimizing losses)? Explain if shutting down the business in this current situation would be beneficial for the firm. If firms break even in the long run and earn zero economic profits, would they stay in the business? Explain why.

Suppose that producing a bicycle generates no environmental degradation, while buying and riding a bicycle (consumption) help reduce greenhouse gas emissions. In contrast, producing, buying and driving a car do generate greenhouse gas emissions. Based on this information, for each economic activity, first discuss whether there is externality and what type of externality it is and explain why(e.g., production/consumption of cars/bicycles leads to positive/negative/no production/consumption externality because … … …). When explaining your reasoning, make sure you relate your specific answer to the definition of externalities. Then, for each economic activity given above (e.g., production/consumption of cars/bicycles), compare private costs and benefits with the true cost and benefit to society.

What is the main characteristic of a monopolistically competitive market different from a perfectly competitive market? Discuss the important implications of this difference for a monopolistically competitive firm’s demand (i.e., in regards to its price elasticity or price-cost margin, and the number of consumers), and for its short-run and long-run profits.