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In 2014, a major ice storm hit parts of the southeastern US. The storm brought down power lines and trees, cutting electricity in many areas. Heating homes became a major challenge similar to the winter storm that hit Texas in 2021. The storm created shortages of power generators. As a result, those products were selling at prices much higher than normal. These high prices provoked cries of "price gouging" and calls on the government to impose price controls to prevent gouging. While no one likes to pay a higher price than normal for something, consider what would have happened with a price ceiling. The economic intuition may be revealing.
Draw a diagram showing the market for generators with an equilibrium price at $750. Now impose a price ceiling at $500 per generator. What would be the impact of the price ceiling on the quantity demanded? On the quantity supplied? Who would benefit from the price ceiling and who would be harmed? Let the graph guide your thinking. Don't start with your gut reaction. Did the price ceiling help the people it was designed to help? Explain the economic reasoning behind your analysis.
A perfectly competitive industry is initially in a short-run equilibrium in which all firms are earning zero economic profits but are operating below their minimum efficient scale. Explain the long-run adjustments that will create equilibrium
travel, or home improvement projects. For the sake of analytical tractability we will measure vacation travel, T, in units of four-day trips, and we will measure home improvement, H, in units of two-day projects, but we will also assume that Pat c..
Yesterday you were consuming 4 eggs and 2 strips of bacon. Today you are consuming 3 eggs and 3 strips of bacon. If you have the same taste what might have caused this change Are you better or worse off
Identify a particular industry (non-government) that meets the criteria for Pure Competition.
1. when a state government chooses to build more roads the required resources are no longer available for spending on
What do we mean when we say export are exogenous and import are endogeneos?
An economy is operating at long-run equilibrium. What is the most likely result of an aggressive expansionary fiscal policy?
Assume a continuous-time solow growth model with no technical progress. The economy is closed and there is no government sector. Labor supply is given by L_t = e^nt, n>0. The average propensity to save out of GDP is s,, with 0
Read the article "UK unveils levy on sugary drinks" and answer the following questions: a) What are the arguments for and against the imposition of such a tax on sugary drink?
Name another democracy in the world (other than the U.K.) that demonstrates a parliamentary system. Provide as much information as you can about that country/system.
Illustrtae what will equilibrium GDP equal if taxes decrease 200? Why are the results different.
The table below shows the demand and supply schedules for applesauce. Observe the data and answer the questions that follow.
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