Part A Imagine that it is the year 2199. Technology has progressed at an incredible pace. The latest discovery is the plutonium engine, which is capable of converting plutonium, a by-product of nuclear fission, into fuel to power the nuclear reactors in our new form of transportation, the rocket-car. However, because the firm that invented the engine, the Futures Unlimited Corporation, already has a government license to control and distribute the quantity of this certain isotope of plutonium on the market, it is now conceivably in charge of a monopoly on plutonium-fueled transportation.1.Describe the economic outcome of this single-price monopoly in terms of profit. Provide one (1) supporting fact to support your response.2.Describe one (1) way that the Futures Unlimited Corporation makes output and price decisions.Part B 1.Would consumers benefit more from a tariff or a quota on imports? Provide one (1) supporting fact to support your response.2.Consider the following weekly production possibilities of gloves and hats in Panama and Russia:RussiaPanamaGloves20180Hats80 90a.What is each country’s opportunity cost of producing gloves and hats? b.If the countries could, should they trade? Provide one (1) supporting fact to support your position.
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