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Part 1:
Question 1: Define Price Ceiling and Price Floor with at least one example of each. You may receive 2 bonus points for each graphical explanation.
Question 2: "Both price ceilings and price floors cause inefficiency in the market". Explain with examples.
Part 2:
Question 1: What are the three main causes of shift of factor demand curve? Explain with examples.
Question 2: Define Labor Unions and Monopsony. How do these factor markets for labor exert market power in different ways? Explain with examples.
Explain how economics is used as a social science and as a policy tool and write a two-page essay in which you address the issues.
What do you think gives rise to the arbitrage opportunity (i.e. the hedged borrowing costs are significantly lower in some currencies than in others).
Suppose the MGM Grand is currently charging $150 per night to stay at the hotel; average household income is $50,000 (its initial value); and the Luxor charges $150 per night (its initial value). If the price of an airline ticket from LAX to LAS were..
Special interest groups are often made up of representatives of competing firms. Why are competitors sometimes willing to cooperate in order to form lobbying.
Question #2. Suppose that the voters in the U.S. have decided through a ballot measure to tax the richest quintile by 10 percent. The tax will then be redistributed evenly to the poorest two quintiles. (2A) What is the share of income that the riche..
Suppose that Bob leaves a job that pays $50,000 per year in order to open a new sponge business. The both problems are about finding out economic profit.
A Whopper combo meal costs $3.00 and gives you an additional 15 units of utility; a meal at the Embassy Suites costs $29.00 and gives you an additional 145 unit
Describe the sectors of the residential mortgage-backed securities market.
2. Jim is a janitor working for a cleaning company which receives $500 from each company that hires them for keeping the company's employee restrooms clean for a period of one month. Jim is paid $2 for each bathroom he cleans and pays for his own sup..
But it might happen that both ?rms want to expand or contract at the same time. Does this constitute an argument against geographical concentration?
How would you determine whether they are a cost- effective measure to decrease injuries/fatalities in automobile crashes? Be sure to explain What factors must
Discuss the main theories underlying mercantilism and justify its relevance in current times by providing examples of countries that are implementing
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