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Question
(a) Explain why governments sometimes impose a price ceiling in a competitive market. Illustrate the effects with the diagram.
Choose a case study where a price ceiling has been used. Identify why the price ceiling was thought to be necessary in this market. Identify the results of the government intervention. Suggest a better way of dealing with the issue in your case study.
(b) Explain three types of long run supply curves using the real industries.
Imagine your boss in the United States home office wants to know your perspective on the following. How do international sanctions, tariffs, quotas,
Critics of the minimum wage discuss that as an antipoverty device it is "poorly targeted." By this they mean that:
What is significant about the connection between the demand for goods and market failures? What happens to the demand for goods when a market fails
When developing short-run cost curves, it is supposed that all firms in perfect competition have the same cost curves and they all make identical short-run profits or losses.
Draw a graph of the market for banana. What are the equilibrium price and quantity and calculate Rie's income elasticity of demand for beef. Show your calculation.
What is the competitive equilibrium price per ride and what is the equilibrium number of rides per day? How many boats will there be in equilibrium? In this competitive market, what is the aggregate profit?
Recently, there has been a lot of press about high lead content in toys made in China. This negative press can affect the foreign exchange rate in the United States dollar and Chinese yuan.
Describe how the circular flow diagram illustrates the interaction of households, governments, and business and Describe the relationship between market and aggregate supply and demand?
Some states are planning that ethanol be mixed with gasoline to comply with anti pollution laws. Ethanol can be made from corn. Determine what effect are these rules having on the equilibrium price and quantity of corn?
Provide an example of an airline or aviation firm trying to take advantage of economies of scale. Do you think they are/were successful? In what way?
A Federal Reserve Bank has employed the economic consulting company to make a paper on how the use of money has changed over the past twenty years.
Describe how the Law of Diminishing Marginal Product results in u-shaped average cost curves, both Average Total Cost and Average Variable Costs
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