HW4_302 - Questions 1, 2, 5, 8. Chapter 2 (problems):...

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Econ 302- Fourth Problem Set Spring 2011-Ali Toossi Due: Wednesday, February 23 (at the beginning of the class) All problem sets should be prepared neatly and professionally. Problem sets should be stapled and should contain the following information on the right-hand corner of the page: your name , your section , homework number and date . Problem sets that are sloppy, torn from spiral-bound notebooks, or which are illegible, or unstapled, will be graded down. Please do all the following problems (questions & problems from the text plus the additional problem): Chapter 2 (questions for review):
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Unformatted text preview: Questions 1, 2, 5, 8. Chapter 2 (problems): Problems 1, 2, 5, 7, 8, 9 Chapter 2 appendix (problems): 1, 2, 3, 4, 5 (refers to problem 2 in page 42 of customized edittion), 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 1 Q per day $ per unit A B C D E World Price Demand Supply...
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This note was uploaded on 02/27/2011 for the course ECON 302 taught by Professor Avrin-rad during the Spring '09 term at University of Illinois, Urbana Champaign.

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