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Frank demonstrates in Chapter Two how price supports or ceilings lead to a loss of welfare. Using adiagram of a market initially in equilibrium which then has an effective (ceiling price < equilibrium price)price ceiling imposed, how you would illustrate that welfare loss. Next illustrate the impact on welfarewhich would occur if, instead of a price ceiling, the government imposed an effective (quantity restriction <equilibrium quantity) quantity restriction have on welfare? Explain how these two policies differ.
Under the pressure from the Congress, the U.S. Federal government has been working hard to reduce, or at least not to expand, the budget deficits and national debts. Meanwhile, the Fed keeps pumping money into the economy since the financial crisis t..
Show how each of the following would affect the U.S. balance of payments. For each case be explicit about which part of the Balance of Payments is affected (CA, KA, or FA) and by how much. For each transaction indicate in which of the 6 types (import..
If the fixed costs for a perfectly competitive firm increase, what is the likely impact be on the price the firm charges, the output it produces and the economic profits it earns in the short run, all else held constant?
Assume that there are two players in a game: Offense and Defense. Each player can choose one strategy to play: Run or Pass. If both Offense and Defense choose to play Run, the payoff for Offense will be -4 and the payoff for Defense will be 10. If bo..
Evaluate meaningful use regulations for recovery audit contractors (RACs) and electronic health records (EHRs), as well as the impact on either case management or performance incentives. What is the purpose of these regulations? How effective are the..
The Medicare Access and CHIP Reauthorization Act (MACRA) of 2015, is another layer of federal legislation enacted to govern clinician payment process.
If factor-intensity reversals were indeed prevalent in the real world, how might this fact be used to explain the Leontief paradox? If this explained the paradox, would it suggest that any given U.S. trading partner stood a better chance of conformin..
When the U.S. central bank, the Federal Reserve, increases the supply of money:
Economists often assume that insurers set premiums (nearly) equal to the AFP for that plan. Is that an accurate assumption? Is a higher “load” on insurance premiums necessarily a bad thing for consumers? When might a higher load be a sign of problems..
According to economic growth theory, the level of the GDP and the rate of the real GDP growth rate have different economic implications about economic well-being of a country. If you are given the options, would you rather live in a nation with a hig..
Consider a perfectly competitive market described by the supply function P = 10 + 0.3Q and demand function P = 60 - 0.2Q. Suppose the market is initially in equilibrium. If the government intervenes in the market and imposes a price restriction of P ..
Copiers cost about twice as much as workers. Would you recommend they hire another employee or buy another copier?
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