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The city mayor of Edmond, Charles Lamb, recently has been questioned about his housing policy from other members in City Council. The average rent for a single family house in Edmond is rapidly increasing in the past three years. One proposed solution is rent control. The idea is to set up a price ceiling for the rent in the city of Edmond (for instant, normally tenants pay $1000-$2000 a month for a 1500 -2000 sqft single family house. Rent control can limit the price to be under $800 per month). What is your suggestion to Mayor Lamb based on the knowledge you learned in Microeconomics. (Hint: A shortage in the market)
Choose the statement about inflation rate targeting that is incorrect
Suppose that pizza is a normal good. Suppose further that all pizza workers earn the minimum wage. What would happen to the equilibrium price and quantity of pizzas sold if income rises at the same time that the minimum wage rises? Explain.
A local landfill currently charges $100 per half ton load of waste to dump. The marginal costs to the landfill of operating the dump are about $60 per half ton load of waste. Assuming the landfill pricing is dynamically efficient, what is the MUC of ..
Suppose that you learn that a friend recently received a substantial inheritance. Your friend was given two choices: 1) wait 10 years and receive the inheritance or 2) receive the present value of the inheritance (using a 3% discount rate) now. Your ..
A fleet manager must choose between two trucks to purchase for a company's fleet. The company uses an interest rate of 5% and will keep either truck for 4 years. Truck A costs $28,000 and has a market value of $17,000 after 4 years. Determine the equ..
The Venezuelan bolivar has been steadily depreciating against the US dollar, but the government wishes to stop the depreciation. What must the Banco Central de Venezuela do to stabilize the exchange rate? Is there a limit to how much it can intervene..
Which government policy would be more effective at increasing output per capita (if such a policy was available):
Assume that two firms sell differentiated products and face the following demand curves: q1 = 15 − p1 + 0.5 p2 and q2= 15 − p2 + 0.5p1 (assume marginal cost is zero) Derive the best response function for each firm. Do these indicate that prices are s..
Describe the least cost combination of L and K when output is produced at the rate of 1,000 tons per day. Determine the required outlay for 1,000 tons per day.
What is Anarchy when referring to International Relations? Why is the concept of Anarchy important for understanding the difficulties for international negotiations on environmental issues?
An important way to reduce water pollution from farms is to plant a buffer zone between crops and the water. Economists estimate that for each bush there is a $20 gain in reduced pollution. What is the market clearing equilibrium price and quantity?
The Autocar E3 refuse truck has an energy recovery system that is expected to reduce fuel consumption by 30%. The fuel cost for a regular refuse truck (without the energy recovery system) is $500 per month.
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