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A price ceiling for maple syrup caused a shortage, which led to a black market price of ($4) higher than the initial equilibrium price($3). suppose the price ceiling remains in place for years.over time some maple syrup firms go out of business. with the fewer firms, the supply curve in the figure shifts leftward by 10,000 bottles per month. After the shift in the supply curve: what is the shortage caused by the $2 price ceiling? provide a numerical answer
Suppose that Neptune Music has the copyright to the latest CD of the heavy Iron Band.Production requires a fixed cost of $100,000 and a constant marginal cost of $2 per unit.
After Henry ford invented the assembly line for producing automobiles, other automobile companies copied his invention. The new technology rise the economies of scale in automobile producing.
You have been appointed economic advisor to Exam land. The mpc is 0.6; investment is $1000; government spending is $8000; consumption is $10000;
Kidney's are not allocated by markets. Discuss the pros and cons of switching to a market for kidneys. Currently, people can volunteer to donate one of their two kidneys,
What happens to social welfare (the sum of consumer surplus and producer profit) as a result of the threat of entry in this market? What happens to equilibrium price? What might this imply about the role of potential competition in limiting market..
Marginal rate of substitution increases as he or she consumes more of a good.C. the law of diminishing marginal utility holds.
Politicians who support the green movement often argue that it is profitable for firms to pursue a strategy that is "environmentally friendly" (for example, by building factories that do not pollute and are not noisy), because workers will be will..
A hotel owner, having heard that new hotels consider to open in area, says, We have too many hotels in this town already. Statistics show that vacancy rates average 20% on any given night.
Based on the reading assigned for this module, and your own Internet research, what adjustments are required for China to rebalance its current account. What risks are inherent in such adjustments
During a fast and furious brainstorm session, Jill scribbled down several key phrases she will use to study tomorrow.
Use a graphical illustration to describe briefly what the influence on the market supply of labour
Suppose a firm has the following demand equation, Assume the company decreased the price to $2.50. Would this be beneficial? Explain. Illustrate your answer with the use of a demand schedule.
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