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Consider the following supply and demand functions
qp = 12 - 2p
qs = -3 + 3p
Suppose a price floor of p = 4 was implemented.
- How much is supplied to the market and how much is demanded
- What is the excess supply
- Calculate the consumer surplus, producer surplus, and welfare level without the price floor
- Calculate the consumer surplus, producer surplus, welfare level and dead weight loss with this price floor
- What if the price ceiling were p = 2? How would our results change?
A firm in a truely competitive mkt discovers that the price of its product is above its minimum AVC point but everywhere below its ATC. Then the firm: A) minimizes losses by producing at the minimum point of its AVC curve B) maximizes profits by prod..
Provide examples of two industries with different time frames for the short run. Clarify why this is the case.
If the United States and Russia were the only two countries engage in trade, what adjustments would you predict, assuming exchange rates are freely determined by the laws of supply and demand?
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The wage in Mexico is $5. The wage in the U.S. is $20. Provide current employment, the marginal product of the last worker in Mexico is 100, and the marginal product of the last worker in the U.S. is 500.
Explain the difference between normative and positive economics. Determine which of these statements are normative and which are positive and explain why you place them in the normative or positive category.
Compare the costs and benefits of regulation. In your opinion, do the benefits outweigh the cost or do the costs outweigh the benefits? What are the advantages and disadvantages of deregulation?
Arkensland is a highly industrialized countr. Prices have been steadily increasing over the last few years and inflation reached an all-time high of 8 % last year. Following this, the central bank came under pressure to reduce inflation to least 4 % ..
Explain your answer the economy experiences an unexpected recession; the price of Good Z increases. The price of Good Y increases; the price of Good Z increases.
Simon is given a free ticket to see Coldplay Saturday night. He already has a ticket to see Sting in concert that night. The Sting ticket cost Simon $50 though he would have paid as much as $80 to go to the show. Simon knows that he can easily sell t..
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