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The language of price controls Suppose that, in a competitive market without government regulations, the equilibrium price of hamburgers is $7 each. Complete the following table by indicating whether each of the statements is an example of a price ceiling or a price floor and whether it is binding or nonbinding. Statement Price Control Binding or Not The government has instituted a legal minimum price of $8 each for hamburgers. The government prohibits fast-food restaurants from selling hamburgers for more than $5 each. Due to new regulations, fast-food restaurants that would like to pay better wages in order to hire more workers are prohibited from doing so.
In 2010, the Laser Company produced 18 t-shirts. Three of them were sold to Catherine for $551 each, later that same year Catherine sold the now used t-shirts to Max for $540 each. The reaming t-shirts that Laser produced were not sold to anyone that..
Your firm faces considerable revenue uncertainty because you have to negotiate contracts with several customers. You forecast a 20 percent chance that your revenues will be $200,000, a 30 percent chance that your revenues will be $300,000, and a 50 p..
The affordable care act (Obama Care) has specific guidelines. Does the law of the affordable care act require all insurance companies to mimick all 10 titles and all sections? If so, is there a specific time line when all insurance companies will all..
In explaining the 2003 bill to cut taxes, President Bush is quoted as saying, “When people have more money, they can spend it on goods and services.” In the IS–LM model, will a tax cut change the money supply in the economy? Does a change in the mone..
Illustrate what is happening to the U.S. real exchange rate in each of the following situations. Explain. The U.S. nominal exchange rate is unchanged, but prices rise faster in the U.S. than abroad.
To what degree does real GDP measure to health of an economy? How is it possible to make valid international comparisons of real GDP? Support your answer with examples.
What is the difference between inflation and a relative price increase? Explain If the inflation rate is 4% and the nominal rate of interest is 10%, what is the real rate of interest? Explain with an example.
A bright OU student plans to win first prize in the Ohio University Scripps Innovation Challenge that began Jan 17 and ends March 13. He will invest his $10,000 winnings in a friend’s 5-year-old startup company and expects to gain 10% interest per ye..
Assume that a national restaurant firm called BBQ builds 10 new restaurants at a cost of $1 million per restaurant. It outfits each restaurant with an additional $400,000 of equipment and furnishings. What is the amount of economic investment that ha..
Evaluate Rusal's prediction by using the demand and supply equations to make a prediction about the movement of world aluminum price.
Assume a competitive industry in long-run equilibrium. The industry exhibits increasing costs. All the workers in the industry earn the minimum wage. Suppose the minimum wage is increased by 15%. What is the short-run response of the industry and the..
Suppose a firm is hiring 20 workers at a wage rate of $60. The average product of labor is 30, the last worker added 12 units of output, and total fixed cost is $3,600. What is marginal cost?
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