May 03, 2022 Uncategorized

Economics Worksheet assignment at an affordable cost

Description

The President has asked you to be their chief economic advisor. The President wants to impose either a tariff or a quota on the supply of baseball hats to this country.

  1. Explain the differences and similarities between a tariff and a quota. What will this mean for citizens with respect to the price and quantity of baseball hats available in their country?
  2. Suppose the President wants to ensure their country receives extra money from imposing either a tariff or a quota. Which would you recommend? Why?

Provide 5 different examples

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Suppose you have a market for sushi which is currently in equilibrium. Thinking of the supply and demand graph for this market, what would have to happen to cause both the equilibrium quantity of sushi in this market to rise and the equilibrium price of sushi in this market to fall? Is this even something that could happen?

In your answer, please pay attention to and describe what would have to happen to the supply and demand. (You may of course elaborate with any hypothetical “real life” reasons for any changes in the graph too.)

Provide 5 different examples

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