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Q1. The city council realizes that the telephone company could curtail pay phone service in response to the ceiling. To prevent this, the council plans to impose a requirement that the telephone company must maintain the current number of pay phones. In light of this additional restriction, what will be the likely impact of the price ceiling?
Q2. At the market-clearing price and quantity of $30 per hour and 4000 hours of gardening services, we can say that
a) Economic surplus could be increased at a higher price because firms would generate more revenue.b) The market is efficient because the government has imposed a market-clearing price and quantity.c) Economic surplus could be increased at a lower price because there would be more value to consumers.d) The market is inefficient because there are some consumers who are not purchasing at this price.e) Economic surplus is maximized and the market is efficient.
Use supply and demand model to explain the dramatic rise in the price of a college education.
The US government could not pass its annual budget. As a result, the US government has partially shut-down: roughly about 800000 federal employees of non-essential services are out of work
What are the informing factors of global interdependence, including the economic factors, political dynamics and cultural differences.
If the Federal Reserve adopts a restrictive monetary policy that leads to relatively high interest ratesin United States, what happens to the demand and supply of foreign currency and the dollar's exchange value.
A company's cash sales for the month are $200,000 and its accounts receivable payments for the month are $100,000. What is its total incoming cash flow.
What was the accounting profit for the new business. What was the economic profit or loss. Explain your calculations for both questions.
Which of the variables above is NOT statistically significant at the 0.05 level.
Store maximizes profits and the price elasticity of demand for milk is -2 for coupon users, what is the price elasticity of demand for non-users.
A county is considering using a piece of park land for one of two alternative recreation projects. Project S would require construction costs of $2 million (year 0) and generate net benefits of $1 million per year for 10 years.
Suppose that the demand for healthcare services is perfectly inelastic while the supply curve is upward sloping. Analyze the impact.
What is the average fixed cost of producing 4 units of output and What is the marginal cost of producing the third unit of output.
If the marginal cost of planting and harvesting an acre is $7000 per acre for each of the five acres, how many acres should the farmer plant and harvest.
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