The united states currently imports all of its coffee. the annual demand for coffee by u. s.

consumers is given by the demand curve q = 25010p . world producers can harvest and ship

coffee to u. s. distributors at a constant marginal cost of $8 per pound (assume ac = mc).

u. s. distributors can in turn distribute coee for a constant $2 per pound. the u. s. coffee

market is competitive. congress is considering a tariff on coffee imports of $2 per pound.

(a) if there is no tariff, how much do consumers pay for a pound of coffee? what is the

quantity demanded?

(b) if the tariff is imposed, how much will consumers pay for a pound of coffee? what is the

quantity demanded?

(c) calculate the lost consumer surplus.

(d) calculate the tax revenue collected by the government.

(e) does the tariff result in a net gain or a net loss to society as a whole?

The prebisch–singer hypothesis concludes that: a. technology lowers the cost of manufactured products, so developing countries should see an increase in their terms of trade. b. developing countries experience a long-run decline in their terms of trade, as the demand for primary products in higher-income countries declines relative to their demand for manufactured goods. c. because of unfair trading practices, labor in developing countries is exploited. d. opec has been responsible for a slowdown in the world's standard of living.

Listed below are several transactions that took place during the first two years of operations for the law firm of pete, pete, and roy.year 1 year 2amounts billed to clients for services rendered $ 170,000 $ 220,000 cash collected from clients 160,000 190,000 cash disbursements salaries paid to employees for services rendered during the year 90,000 100,000 utilities 30,000 40,000 purchase of insurance policy 60,000 0 in addition, you learn that the company incurred utility costs of $35,000 in year 1, that there were no liabilities at the end of year 2, no anticipated bad debts on receivables, and that the insurance policy covers a three-year period.required: 1. & 3. calculate the net operating cash flow for years 1 and 2 and determine the amount of receivables from clients that the company would show in its year 1 and year 2 balance sheets prepared according to the accrual accounting model.2. prepare an income statement for each year according to the accrual accounting model.

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