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Suppose that the market equilibrium price for a basic medical check-up is $50, in a market in which there is no health insurance. To encourage more people to get a check-up, the local government mandates that the price of a check-up cannot be more than $40.
a. Is this a price floor or a price ceiling?
b. Draw a graph to illustrate the implementation of this government policy. Explain what happens to the quantity of check-ups in this market as a result of this policy.
d. What happens total producer and consumer surplus in this market? Show these changes clearly on your graph.
e. Has this policy been successful? Explain. if. Can you think of a different policy that would likely be more successful at encouraging more people to obtain checkups? Explain.
A farmer sells cotton to a clothing company for $1,000 and the clothing company turns the cotton into T-shirts that it sells to a store for a total of $2,000. You bought a new Wii at GameStop last year and resold it on eBay this year. You purchase an..
What 3 concepts are most important to remember about the concept of design? Why, in your view, are these most important things? Give examples with each of these to illustrate your points. What is the MPG illusion? How might using GPM instead of MPG i..
The American Baker’s Association reports that annual sales of bakery goods last year rose 15 percent, driven by a 50 percent increase in the demand for bran muffins. Most of the increase was attributed to a report that diets rich in bran help prevent..
The football coach at a midwestern university was given a 5-year employment contract that paid $225,000 the first year and increased at an 8% uniform rate in each subsequent year. At the end of the first year’s football season, the alumni demanded th..
Discuss how elasticities should be used in pricing decisions. If you were responsible for setting the price of these volumes, what would you choose and why.
what single payment at the end of year 5 is equivalent to an equal annual series of payments of $800 beginning at the end of year 3 and ending at the end of year 12? The interest rate is 8% compounded annually
Draw the appropriate graph assuming that the economy is operating above above full employment. Assuming the aggregate demand excess is $1899 and MPC is .84, calculate the amount of desired fiscal restraint.
If collusion is not allowed, what kind of market arrangement do you think is likely to result from competitive interactions among these four firms? Calculate the profits of these firms in either case (a and b).
Which of the following methods of stimulating the economy provides the federal government with the greatest control over how the stimulation takes place?
An important factor in selling a residential property is the number of people who look through the home. A sample of 17 homes recently sold in the Buffalo, New York, area revealed the mean number looking through each home was 26 and the standard devi..
1. Why does a manager need to participate in security decisions? 2. What kinds of security decisions should general managers need to make versus the kinds of decisions that IT managers need to make?
The price elasticity of the demand for gasoline is - 0.02. The price elasticity of demand for gasoling at Joe's 66 station is -1.2. Explain what might account for the different elasticities.
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