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intermediate microeconomics
Microeconomics Canada In The Global Environment 11th Edition Michael Parkin, Robin Bade - Solutions
After you have studied Economics in the News on pp. 172-173, answer the following questions.a. How can we check whether Canada has a comparative advantage in producing cheese?b. Who benefits from a Canadian import quota on cheese, and why do they benefit?c. Why does a cheese import quota bring a
As a Kentucky Mill Shutters, Steelworkers See the Limits of Trump's Intervention Last year, Trump imposed tariffs on steel imports to try to boost domestic production. Trump said that the collateral damage from his trade war is justified by the need to revive Ameri- can steel and bring back
Explain who in Canada gains from the quota on beef imports and who loses. The Case Against Protection
Explain how this quota influences the price that Canadians pay for beef, the quantity of beef produced in Canada, and the Canadian and the Australian gains from trade.
Explain how the Canadian and Chinese gains from trade will change. Who in Canada will lose and who will gain? Use the following information to work Problems 24 and 25. With free trade between Australia and Canada, Australia would export beef to Canada. But Canada imposes an import quota on
Explain how the tariff on textiles will change the price that Canadians pay for textiles, the quantity of textiles imported, and the quantity of textiles produced in Canada.
Suppose that this year, tomato growers in Ontario lobby the Canadian government to impose an import quota on Mexican tomatoes. Explain who in Canada would gain and who would lose from such a quota. Use the following information to work Problems . Suppose that in response to huge job losses in the
Use the following information to work Problems to 21 Before 1995, trade between Canada and Mexico was subject to tariffs. In 1995, Mexico joined NAFTA, which has now been replaced by USMCA. All Cana- dian and Mexican tariffs have been removed. 19. Explain how the price that Canadian consumers pay
Assume that China is the only importer of Cana- dian beef. Explain how China's ban on beef imports affected Canadian beef producers and consumers. Draw a graph of the Canadian market for beef to show how this ban changes consumer surplus and producer surplus from beef.
Explain how China's temporary import ban on Canadian beef affected beef producers and con- sumers in China. Draw a graph of the Chinese market for beef to show how this ban changed Chinese consumer surplus and producer surplus from beef.
Draw a graph of the market for corn in the corn-exporting nation in Problem 15(b) to show the changes in consumer surplus and producer surplus that arise. Use the following news clip to work Problems . China to Resume Imports of Canadian Beef A Chinese ban on the import of Canadian beef prod- ucts
A semiconductor is a key component in your laptop, smartphone, and iPad. The table provides information about the market for semiconduc tors in Canada. Price (dollars Quantity demanded Quantity supplied per unit) (billions of units per year) Producers of semiconductors can get $18 a unit on the
Suppose that the world price of steel is $100 tonne, India does not trade internationally, and the equilibrium price of steel in India is $60 a tonne. India then begins to trade internationally.a. How does the price of steel in India change?b. How does the quantity of steel produced in India
How does the price of eggs in Canada change?b. Do Canadians buy more or fewer eggs?c. Do Canadian egg farmers produce more or fewer eggs?d. Does Canada export or import eggs and why? e Would employment in the Canadian egg industry change? If so, how?
Suppose that the world price of eggs is $1 a dozen, Canada does not trade internationally, and the equilibrium price of eggs in Canada is $3 a dozen. Canada then begins to trade internationally
Cheese Quotas in Canada-Europe Trade Under Formal Review After E.U. Complaints A formal review of cheese quotas is quietly underway. Battles over dairy were hard-fought during trade negotiations as Canada jealously guarded its domestic supply against European. desires for market access Source:
Draw a graph to illustrate the gains and losses from the import quota. On the graph identify the gains and losses, the importers' profit, and the deadweight loss. The Case Against Protection (Study Plan 7.4)
Who gains and who loses from this quota?
If an import quota of 5 million containers is imposed on roses, what happens to the price of roses, the quantity of roses bought, the quantity produced in North America, and the quantity imported?
Draw a graph of the North American market for roses to illustrate the gains and losses from the tariff. On the graph identify the gains and losses, the tariff revenue, and the deadweight loss created.
Who gains and who loses from this tariff?
Use the data on the market for roses in Problem 1 to work this problem.a. Explain who gains and who loses from free international trade in roses compared to a situation in which North Americans buy only roses grown locally. by Draw a graph to illustrate the gains and losses from free trade.c.
Draw a graph to illustrate the North American wholesale market for roses. Show the equilibrium in that market with no international trade and the equilibrium with free trade. Mark the quantity of roses grown in North America, the quantity imported, and the total quantity bought. Winners, Losers,
If North American wholesalers buy roses at the lowest possible price, how many do they buy from North American growers and how many do they import?
Does Canada gain from international trade in honey? Do all Canadians gain? If not, who loses and do the gains exceed the losses?Use the following data to work Problems . Wholesalers buy and sell roses in containers that hold 120 stems. The table provides information about the wholesale market for
With free international trade, what is the Canadian price of honey, the quantity bought by Canadians, the quantity produced in Canada, and the quantity of honey exported or imported?
With no international trade, what is the price of honey and the quantity bought and sold in Canada? Does Canada have a comparative advan- tage in producing honey? With free international trade, does Canada export or import honey?
Do the winners from free trade win the political argument? Why or why not?
What are the main reasons for imposing a tariff?
What is offshore outsourcing? Who benefits from it and who loses?
Can protection save jobs and the environment and prevent workers in developing countries from being exploited?
What are the infant industry and dumping argu- ments for protection? Are they correct?
Explain who gains and who loses from an import quota and why the losses exceed the gains
Explain who gains and who loses from a tariff and why the losses exceed the gains.
Explain the effects of a tariff on domestic pro duction, the quantity bought, and the price.
What are the tools that a country can use to restrict international trade?
Why is the net gain from international trade positive?
How is the gain from exports distributed between consumers and domestic producers?
How is the gain from imports distributed between consumers and domestic producers?
Describe the situation in the market for a good or service that Canada exports.
Describe the situation in the market for a good or service that Canada imports
Explain and evaluate arguments used to justify restricting international trade
Explain the effects of international trade barriers
Identify the gains from international trade and its winners and losers
Cannabis Taxes Not Bringing the Cash Government Expected Marijuana hasn't proven to be the cash crop the government expected, with cannabis tax revenues coming in at roughly half the origi nal estimates. There is an approximately $4 per gram gap in prices with legal cannabis selling for around $10
Study Economics in the News on pp. 148-149, then answer the following questions. Why might the 110 businesses of Alberta 15 say they won't lower the wage rate for youth workers?b. If the 110 businesses don't lower the wage rate for youth workers, what will most likely happen to the average youth
The table gives the demand and supply schedules for an illegal drug Quantity Quantity Price demanded supplied (dollars per unit) (units per day)a. What is the price and how many units are bought if there is no penalty on drugs?b. If the penalty on sellers is $20 a unit, what are the price and
If the government subsidizes tomato farmers at $4 a kilogram, who gains and who loses from the subsidy? What is the deadweight loss? Could the subsidy be regarded as being fair? Markets for Illegal Goods
If the government subsidizes farmers at $4 a kilo- gram, what is the quantity produced, the quantity demanded, and the subsidy paid to farmers?
Explain how a subsidy paid to dairy farmers affects the consumer surplus and the producer surplus from milk. Does the subsidy make the milk market more efficient or less efficient? Explain. 18. The European Union has suggested that subsidies to dairy farmers will be decreased in 2021. How will the
to 18. French Farmers Fret Over Subsidies in Post- Brexit EU Budget Talks French dairy and crop farmer Jean-Claude Pette relies on European Union subsidies to keep his 200-hectare farm afloat. "Unfortunately, if you look at the prices we sell our produce for today, we need those subsi- dies to
Pr U to Fr Br Fr of fa ww di 15 Nunavut Sees Tobacco Sales Decline One Year After New Tax In March 2017, the Nunavut government hiked the cost of a pack of cigarettes by one dollar. Sales of cigarettes declined two percent and the government collected an extra $3 million in revenue. Source: cbc.ca,
The government wants to discourage the con- sumption of sugary drinks and proposes intro- ducing a 20 percent tax on them. A survey shows that the demand for sugary drinks is perfectly elastic and people are equally happy to stop con- suming those drinks and switch to healthier alter- natives.
Explain the effects of the minimum wage on the workers' surplus, the firms' surplus, and the effi- ciency of the market for low-skilled workers. Taxes
On a graph of the market for low-skilled labour, show the effect of the minimum wage on the quantity of labour employed.
If the college puts a price ceiling on meals at $4 a meal, what is the quantity bought, the shortage of meals, and the maximum price that someone is willing to pay for the last meal available? A Labour Market with a Minimum Wage Use the following news clip to work Problems 11 and 12 Is Italy About
Use the following table to work Problems 9 and 10, The table sets out the demand and supply schedules for college meals 9.a. What is the market equilibrium? 3,500b. If the college puts a price ceiling on meals at $7 a meal, what is the price students pay for a meal? How many meals do they buy?
The table in the next column sets out the demand and supply schedules for chocolate browniesa. If sellers are taxed 20e a brownie, what is the price and who pays the tax?b. If buyers are taxed 20e a brownie, what is the price and who pays the tax?
hours a month, what is the wage rate and how many hours are unemployed? Taxes (Study Plan 6.3)
The minimum wage for teenagers is $8 an hour.a. How many hours are unemployed?b. If the demand for teenage labour increases by
Calculate the equilibrium wage rate, the hours worked, and the quantity of unemployment.
If the rent ceiling is $300 a month, what is the quantity rented, the shortage of housing, and the maximum price that someone is willing to pay for the last unit of housing available?
a. What are the equilibrium rent and the quantity of housing rented?b. If a rent ceiling is set at $600 a month, what is the rent paid? What is the shortage of housing?
Is the market for concert tickets efficient? Explain.
Who pays the tax and what is the government's tax revenue?
What is the price a concert-goer pays for a ticket and how many tickets are bought?
If there is no tax on concert tickets, what is the price of a ticket and how many tickets are bought? If a sales tax of $2 a ticket is levied on sellers of con- cert tickets:
Is there any case for legalizing drugs?
How does the imposition of a penalty for selling or possessing an illegal drug influence demand, supply, price, and the quantity of the drug consumed?
How does the imposition of a penalty for pos- sessing an illegal drug influence demand, supply, price, and the quantity of the drug consumed?
How does the imposition of a penalty for sell- ing an illegal drug influence demand, supply, price, and the quantity of the drug consumed?
Explain why a subsidy is inefficient.
Explain why a voluntary production quota is difficult to operate.
Explain why a production quota is inefficient.
Summarize the effects of a production quota on the market price and the quantity produced.
What are the two principles of fairness that are applied to tax systems?
When would a tax be efficient?
Why is a tax inefficient?
How does the elasticity of supply influence the incidence of a tax, the quantity bought, the tax revenue, and the deadweight loss?
How does the elasticity of demand influence the incidence of a tax, the tax revenue, and the deadweight loss?
Explain why a minimum wage creates an inef ficient allocation of labour resources.
Explain how scarce jobs are allocated when a minimum wage is in place.
What are the effects of a minimum wage set below the equilibrium wage?
What are the effects of a rent ceiling that is set below the equilibrium rent?
Explain how markets for illegal goods work
Explain the effects of a tax Explain the effects of production quotas and subsidies
Explain how a minimum wage law creates unemployment
Explain how a rent ceiling creates a housing shortage
Are Santa Clara Valley Farmers Paying Too Little for Precious Water? The water that irrigates Santa Clara Valley's farms comes dirt cheap for growers, who pay 6 percent of the amount residents in the valley pay for well water. The Santa Clara Valley Water District is debating whether to start
After you have studied Emics in the News on pp. 124-125, answer the following questions.a. What is the method used to allocate highway space in Canada and what is the method used in Singapore?b. Who benefits from Canada's method of high- way resource allocation? Explain your answer using the ideas
Customers Complain of Price Gouging as Hand Sanitizer Sells Out in Stores The spread of coronavirus has sparked panic buying of hand sanitizer. Frances Steciuk said she found 60-ml bottles of hand sanitizer sell- ing for $3.99 each in Toronto but didn't buy it because she felt the price was
The winner of the men's and women's tennis singles at the Canadian Open is paid twice as much as the runner-up, but it takes two players to have a singles final. Is the compensation arrangement fair?
Use the information in Problem 22. Would a free world market in water achieve a fair use of the world's water resources? Explain why or why not and be clear about the concept of fairness that you are using
Only 1 percent of the world supply of water is fit for human consumption. Some places have more water than they can use; some could use much more than they have. The 1 percent available would be sufficient if only it were in the right place.a. What is the major problem in achieving an efficient use
a. If the market price rises to $15 a month, is the market efficient or inefficient? Explain.b. If the market price rises to $15 a month, is the new price a competitive market price? Explain.
Suppose that when the market price is $10 a month, demand is unit elastic. If the market price rises to $15 a month, how would consumer surplus, producer surplus, and the deadweight loss change?
a. Draw a graph of the market for streaming music with a price of $10 a month. On your graph, show consumer surplus and producer surplus.b. With a price of $10 a month, is the market efficient or inefficient? If it is inefficient, show the deadweight loss on your graph.
Use the data in the table in Problem 16.a. If the sandwich market is efficient, what is the consumer surplus, what is the producer surplus, and what is the total surplus?b. If the demand for sandwiches increases and sandwich makers produce the efficient quan- tity, what happens to producer surplus
Why Natural Gas Prices May Sink Further Natural-gas prices have fallen to multi-year lows because of warmer than average temperatures, reduced consumption, and increased supplies. Source: marketwatch.com, February 13, 2020a. How is the price of natural gas determined?b. When demand decreases and
The table below gives the demand and supply schedules for sandwiches.a. What is the maximum price that a consumer is willing to pay for the 200th sandwich?b. What is the minimum price that a producer is willing to accept for the 200th sandwich?c. If 200 sandwiches a day are available, what is the
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