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Assignment:
In this activity, you will select a country and explore the concepts of price ceiling and price floors and market shortages and surpluses.
Locate a recent article (published within the last year) that discusses either the price ceiling or price floor, and market shortages and surpluses of a good or service from your selected country at a macro level. You can use the Hunt Library, newspapers, new stations, or other credible sources to locate an article. Analyze your selected country's good or service and determine whether it has a market shortage or surplus. Include the following in your discussion.
If there is a consumer surplus in a market for gasoline and the government sets a price ceiling below the market equilibrium price, what will happen to the quantity of gasoline supplied in the short-run
Analyze the relationship between economic policy and disparities in care. How are they connected? How do they differ?
A firm is planning to build one of two types of plants. The short-run total cost of Plant A is CA = 80+2QA+0.5QA 2 while the short-run total cost for Plant B is CB=50+QB 2. (a) Determine the marginal cost functions for each of the 2 plants, and plo..
Briefly discuss and illustrate the circumstances under which the minimum wage would (1) not lead to unemployement, amd (2) not cause a reduction in the total earnings of low-wage workers who are still employed.
In many industries, such as supermarkets, banks, cell phonecompanies, etc., because of mergers our choices as consumers arereduced to two or three competitors. Do you think thisis good for the economy
Blackmores Vitamins produce a multi-vitamin supplement and examination of sales data has revealed that at a price of $20 per bottle they sell 45,000
Explain how building more freeways may eliminate the shortage and diagrammatically show and explain why there is a shortage of classroom space for some college classes and a surplus for others.
Unemployment means that: a) there are some people who will not work at the going wage rate.
Your company has a customer who is shutting down a production line, and it is your responsibility to dispose of the extrusion machine.The company could keep itin inventory for a possible future product and estimates that the reservation value
Defend or critique the importance of considering complex nature of health and health care when examining economic principles related to health care delivery.
A local government is considering four possible countermeasures to reduce crimes in the municipal park. Since each option has a different program length of duration, all benefits and costs are expressed in terms of equivalent annual values.
Marginal utility is an important economic concept because economists use it to determine how much of an item a consumer will buy.
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