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Consider a market where supply and demand are given as:
Qd = 56 - 2P Qs = -10 + P
Suppose the government imposes a price floor of $25, and agrees to purchases any and all units consumers do not buy at the floor price of $25 per unit (3 points)
a. Determine the cost to the government of buying firms' unsold units.
b. Compute the social welfare (deadweight loss) that stems from the $25 price floor
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Compute the cross-price elasticity of demand between goods X and Y at the given prices. What is the own price elasticity of demand at these prices?
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About thirty United States localities circulate their own currency with names like "Ithaca Hours" and Dillo Hours." Doing so is perfectly legal although through law they are subject to a 10% federal tax, which currently the government is not collecti..
The SEC regulations require u.s. corporations to publish operating results on a quarterly basis. How does this short term time frame impact long term profit maximization?
Marginal rate of substitution increases as he or she consumes more of a good.C. the law of diminishing marginal utility holds.
Do consumers of public goods have the same incentives to reveal their true valuations of Public goods as they do of Private goods? Why or why not?
Assume that the aggregate demand curve is P=120 - Q, where P is price level and Q is real output. If the short-run aggregate supply curve
Dunkin Donuts raises the price of its French Vanilla coffee by 15%. The demand for Dunkin Donuts glazed doughnuts will change by what percentage and in what direction?
Evaluate the impact of the proposal to cut prices and what is the optimal profit-maximizing markup suggested by economic theory?
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