HW3_302 - Chapter 2 Problems Eigth edition page 44 Problems...

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Econ 302- 3rd Problem Set Spring 2010-Ali Toossi Due: Wednesday, February 17 All problem sets should be prepared neatly and professionally. Problem sets should be typed , stapled and should contain the following information on the right-hand corner of the page: your name , course number , section , assignment identification and date . Problem sets that are sloppy, torn from spiral-bound notebooks, or which are illegible, or unstapled, will be graded down. Chapter 2: Questions for review Eigth edition page 43 : Questions 1, 2, 5, 8. Seventh edition page 43 : Questions 1, 2, 5, 8.
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Unformatted text preview: Chapter 2: Problems Eigth edition page 44 : Problems 1, 2, 5, 7, 8, 9 pages51&52: 1, 2, 3, 4, 5 (refers to problem 2 in page 44), 6, 7, 9, 10 Seventh edition pages 44: Problems 1, 2, 5, 7, 8, 9 pages 51&52: 5 (refers to problem 2 in page 48), 6, 7, 9, 10 Additional problem: 1. Suppose for a commodity the world prices are lower than domestic prices so if the economy is opened the prices will go down. In the graph below determine the loss from eliminating free trade. Make a table and show the consumer surplus, producer surplus before and after the trade ban Q per day $ per unit A B C D E World Price Demand Supply...
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