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For each of the following scenarios, use a supply and demand diagram to illustrate the effect of the given shock on the equilibrium price and quantity in the specified market. Show on your graph and whether there is a shift in the demand curve, the supply curve both curves, or neither. What happens to price? What happens to equilibrium?
a. An unexpected temporary heat wave hits the East Coast. Show the effect in the ice cream market in New England.
b. The government introduces a tax on ice cream which is paid by producers. What is the effect in the ice cream market?
c. China and Mexico are major producers of textiles. Workers in Mexico decide to go on strike. Show the effect on the market for Mexican textiles.
d. Show the effect of the situation described in (c) on the market for Chinese textiles.
e. Suppose the government imposes a price ceiling on bottled water. Show the effect in the bottled water market.
f. Suppose the government imposed a price floor on bottled water. Show the effect in the bottled water market.
a. If the required reserve ratio is 0.15, find the bank's required reserves and its excess reserves.
Describe possible government programs that are available for individuals falling under the poverty leve.
A Discuss two reasons why the GDP deflator gives a different rate of inflation than the CPI does. In calculating the real GDP of an economy, explain whether you will use the GDP deflator or the CPL.b The Gini coefficient in Hong Kong was 0.525 in 200..
Addressing recession using Fiscal and Monetary Policy tools. Scenario - The US economy is currently experiencing recession. You have Fiscal and Monetary policy tools available to address this problem: To attack the problem of recession, you must sele..
Identify the features that define the future of e-commerce. Which of these, in your opinion, are the most lasting?
Following information is extracted from a database maintained by the country's ministry of labor:
Explain as completely as you can (IN YOUR OWN WORDS) what an economist means by demand (supply) and discuss (this implies that you are able to discuss why the factor causes the shift and explain the direction of the shift. How does a change in demand..
In economics, what's the difference between structural and frictional unemployment?
q.fuji konica agfa and 3m. from a technical viewpoint there was little difference in the quality of color film produced
What effect will a rent-control ordinance have on the cost to landlords of letting an apartment unit stand idle, or of using it themselves, or of allowing relatives to live in it rent-free?
1. Explain use of production possibilities frontier to analyze opportunity costs and trade- offs.
How much output does the firm produce at each plant? What price should it charge for its product?
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