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Sometimes the government intervenes in the market system by setting prices on certain products-goods or services-below or above the market(equilibrium) prices. Such prices are either 'price ceilings' or 'price floors'.Please note the definitions of these concepts. Refer to the example of rent control ( on apartment buildings) used in the textbook. If such rent controls were implemented in River Falls(or your own home town), who would benefit and who might be 'harmed'(affected negatively) by such government intervention in the housing market?
Would you support a cap(price ceiling) on college tuition? Why or why not? Is your group in agreement on this?
In your opinion, using the example of minimum wages, is price- setting by the government justifiable or desirable in our economy?
A firm's production function is q = K^2L where q is the quantity produced, K is the amount of capital used, and L is the amount of labor used. w is the wage rate of labor and r is the rental rate of capital.
Consider an American automaker like GM with almost 400 production facilities located in 37 countries and sales in over 150 countries! To maximize profits, what decisions does GM have to make in regard to pricing and production?
During the mortgage crisis the destabilizing effects of defaulting mortgages quickly spread throughout the financial system because those mortgages were involved in widespread securitization. What is securitization?
A firm is considering entering a market where demand for its product is Q = 100 - P. This demand function implies that the firm's marginal revenue function is MR = 100 - 2Q. The firm's total cost of producing the product for that market is TC = 1000 ..
In a study of ranching laws in the 1800s, an economic researcher found that as these laws restricted the ability of cattle to roam freely, agricultural output increased. Does this researcher’s findings support the Coase Theorem? Explain.
A small country imports industrial goods and exports agricultural goods. Both industry and agricultural are perfectly competitive. A new minimum wage law raises wages in industry but not in agriculture. However, all workers displaced from industry as..
During the past year, gasoline prices have been very volatile. One reason given for at least some of the volatility is the threat of war between Israel and Iran. More recently, there has been a report of serious fire damage to Venezuela's largest ref..
In a local market, the monthly price of Internet access service decreases from $25 to $15, and the total quantity of monthly accounts across all Internet access providers increases from 100,000 to 200,000. What is the value price elasticity of demand..
There are different theories of intelligence—some are based on psychometric principles (or on how intelligence has been measured) while others rely on the cognitive viewpoint. Compare the psychometric and cognitive theories of intelligence. Choose on..
A specialty concrete mixer used in construction was purchased for $300,000 7 years ago. Its annual O&M costs are $105,000. At the end of the 8-year planning horizon, the mixer will have a salvage value of $5,000. If the mixer is replaced, a new mixer..
In classical macroeconomic theory, the concept of monetary neutrality means that changes in the money supply do not influence real variables. Explain why changes in money growth affect the nominal interest rate, but not the real interest rate.
If the interest rate is 8%, determine if the new column should be purchased. Solve by both present worth and annual cash flow analysis methods.
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