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Assume you are a policymaker in Washington DC. Lobbyists for the preschoolers of America have put pressure on their representatives to cap prices on graham crackers. You have been assigned a position on a new committee to study the impact of a price ceiling on graham crackers.
Your job is to:
a.) Illustrate using a fully labeled supply and demand graph (label all the axes and any lines you put in your graph) what such an artificial price looks like.
b.) Explain what the results of such a move are for the graham cracker market. In other words, will there be a SHORTAGE, a SURPLUS, or neither created? Why?
Suppose M = $80,000, PR = $30, T = 5, PE = $12, and N = 6,000. Using these, compute and write the direct demand function for Good A. Show your math. Watch the decimals! The coefficient on M is 0.02 and the coefficient on N is .4
Do protectionist policies benefit producers, consumers, workers, or the government? Explain.b) Explain how the "Buy American" theme hurts Americans. a) Identify the four major tools of monetary policy.
1 good reason why quantity demanded increases when its price falls is that the: a. lower price shifts the supply curve to the left b. lower price shifts the demand curve to the left c. lower price shifts the demand curve to the right d. lower price e..
A study of costs of electricity generation for a sample of 56 British firms in 1946-1947 yielded the following long-run cost function: 16AVC = 1.24 + .0033Q + .0000029Q2 - .000046QZ - .026Z + .00018Z2
Indifference theory can explain all rational choices and behavior..Try the theoryout on this situation. Suppose the only consideration for couples to have a bby or not was money
The cost of transporting goods and the price of obtaining information has decreased substantially over the past 100 years.
The forecasted demand for fudge for the next four months is 140, 160, 90, and 70 pounds. What is the recommended production rate if the level strategy is adopted with no back orders or stockouts
Compute the elasticities for each independent variable and determine the implications for each of the computed elasticities for the business in terms of short-term and long-term pricing strategies. Provide a rationale in which you cite your results
other things the same, a fall in the economys overall level of prices tends to 1.rise both the quantity demanded and supplied of goods and services 2.rise the quantity demanded of goods and services, but lower the quantity supplied3.lower the quantit..
if the price elasticity of demand for bananas is -1.5 and the price elasticity of demand for grapefruit is -2.5 and the
I. Marginal revenue is the additional revenue from selling one more unit of output. II. A firm will always produce at an output at which marginal revenue is greater than marginal cost, except when it is minimizing its losses.
given the following macroeconomic modely c i0 g0 equilibrium income yc a by-t consumption
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