Question Set 11. (8 pts.) Looking at the following goods which country/state has a comparative advantagein the given good and why?a. wheat: Colombia or the United States? b. coffee: Colombia or the United States? c. timber: Iowa or Washington? d. corn: Iowa or Washington? 2. (12 pts.) Given the following production possibilities curve: a. Does this production possibilities curve show increasing opportunity costs?Explain. b. What is the opportunity cost of moving from point I to point C? Explain. c. What is the opportunity cost of moving from point C to point D? d. Which of points AâE is the most efficient? Explain. 3. (5 pts.) The Hoosier Hotel is the only first-class hotel in Indianapolis. The hotel ownershired economics advisors for advice about improving the hotelâs profitability. Theysuggested it could increase this yearâs revenue by raising prices. The owners asked,âWonât raising prices reduce the quantity of hotel rooms demanded and increase vacancies?â What do you think the advisors replied? Why would they suggest increasingprices? 4. (10 pts.) Explain the effects of price controls, price ceilings and price floors, in thefollowing problems:a. Draw a supply & demand graph and explain the effects of a price ceiling ongasoline, when the price ceiling is above and below the market equilibrium. Givean answer for each scenario. b. Draw a supply & demand graph and explain the effects of a price floor on wages,when the price floor is above and below the market equilibrium. Give an answerfor each scenario. 5. (5 pts.) As a college student, you are faced with many examples of positive and negativeexternalities. Identify what type of externality you are faced in the following situations,and suggest a solution to the externality problem:a. You live in a smoke-free dorm, but your roommate smokes in the room.b. Your room has three fire extinguishers, even though the law doesn’t require youto have any.6. (10 pts.) Last year, the Zika virus, a virus that can cause potential birth defects andneurological conditions in adults, is transmitted by mosquitoes. Unfortunately, this virushas made its way to the United States on the southern tip of Florida. To protect thecitizens, mainly pregnant mothers and their unborn child, local officials have orderedmany neighborhoods to be âfogged.â The pesticide chemicals used to rid the area of the unwanted pests was deemed safe for the inhabitants and other forms of insects. Aftermany attempts the problem still seems to persist and the virus continues to spread.After these intense efforts, it has come to light that the local bee population has sufferedsome of the consequences of these mass pesticides. As we know, bees are essential tothe reproduction process of many flowering plants and, mainly, fruit trees. Florida isknown for its citrus production, oranges and grapefruit, which rely on the local bees toyield a harvest.a. Draw a supply and demand graph to explain the effect on Floridaâs citrus marketknowing thereâs a reduced or potentially eradicated local bee population. Whatcan be said about price and quantity in the citrus market? (Remember to labeleach axis and the market) b. Luckily there is hope for Floridaâs citrus. There are several businesses that operate as mobile beekeepers. Their business model includes loading up apiaries,beehives, onto a truck and moving the whole colony to where thereâs a need topollinate. Knowing this, draw a supply and demand graph to explain the effect onthe market for these mobile beehives. What can you say about the price andquantity in this market? (Remember to label each axis and the market)
Our Service Charter
-
Excellent Quality / 100% Plagiarism-Free
We employ a number of measures to ensure top quality essays. The papers go through a system of quality control prior to delivery. We run plagiarism checks on each paper to ensure that they will be 100% plagiarism-free. So, only clean copies hit customers’ emails. We also never resell the papers completed by our writers. So, once it is checked using a plagiarism checker, the paper will be unique. Speaking of the academic writing standards, we will stick to the assignment brief given by the customer and assign the perfect writer. By saying “the perfect writer” we mean the one having an academic degree in the customer’s study field and positive feedback from other customers. -
Free Revisions
We keep the quality bar of all papers high. But in case you need some extra brilliance to the paper, here’s what to do. First of all, you can choose a top writer. It means that we will assign an expert with a degree in your subject. And secondly, you can rely on our editing services. Our editors will revise your papers, checking whether or not they comply with high standards of academic writing. In addition, editing entails adjusting content if it’s off the topic, adding more sources, refining the language style, and making sure the referencing style is followed. -
Confidentiality / 100% No Disclosure
We make sure that clients’ personal data remains confidential and is not exploited for any purposes beyond those related to our services. We only ask you to provide us with the information that is required to produce the paper according to your writing needs. Please note that the payment info is protected as well. Feel free to refer to the support team for more information about our payment methods. The fact that you used our service is kept secret due to the advanced security standards. So, you can be sure that no one will find out that you got a paper from our writing service. -
Money Back Guarantee
If the writer doesn’t address all the questions on your assignment brief or the delivered paper appears to be off the topic, you can ask for a refund. Or, if it is applicable, you can opt in for free revision within 14-30 days, depending on your paper’s length. The revision or refund request should be sent within 14 days after delivery. The customer gets 100% money-back in case they haven't downloaded the paper. All approved refunds will be returned to the customer’s credit card or Bonus Balance in a form of store credit. Take a note that we will send an extra compensation if the customers goes with a store credit. -
24/7 Customer Support
We have a support team working 24/7 ready to give your issue concerning the order their immediate attention. If you have any questions about the ordering process, communication with the writer, payment options, feel free to join live chat. Be sure to get a fast response. They can also give you the exact price quote, taking into account the timing, desired academic level of the paper, and the number of pages.