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"Market Equilibrium Price and Price Control"
Suppose there are nine sellers and nine buyers in a competitive market, each willing to buy or sell one unit of a good, with values {$10, $9, $8, $7, $6, $5, $4, $3, $2}. Assuming there are no transactions costs, what is the equilibrium price and quantity in this market?
If the government imposes a price floor at $9 (i.e., price must be $9 or higher) in the above market, how many goods will be traded?
Suppose the equilibrium price for a life-saving surgical procedure (inelastic demand) is initially $10,000. Now suppose that a law is passed which requires hospitals (the suppliers of the surgical procedure) to pay a $1,000 per-unit excise tax on eac..
Your employer has anticipated needing $60,000 in two and a half years to finance the purchase of a new lathe. If they anticipate making a single lump sum investment today into a savings account that will return 12% interest compounded continuously, h..
Senior management at the LCB Watercraft (LCBW) company would like you to help pick the mix of products they should produce and sell – this involves determining the production quantities for each model. LCBW always has a contingent of 10 workers on ha..
Please address the example below : Joe and Sue each hold a set of labor preferences and are allocated work accordingly.
Kramer Smith owns a dry-cleaning service also is thinking about changing his advertising expenditures for the year.
Consider lending institutions such as the World Bank and the IMF, and the case of debt-ridden nations such as Greece. Argue for or against the following two points: Important decisions are made by vote, with the weight of the vote proportional to a n..
Identify at least one important entrepreneur that you would consider an "entrepreneurial legend" and state why you consider the person to be (or have been) exemplary. You must also identify at least one economic decision made by this entrepreneur tha..
Describe expansionary/contractionary discretionary fiscal policies. Describe non-discretionary fiscal policies and explain when and why they col increase a budget deficit.
In the long run, what happens to the demand curve facing a monopolistically competitive firm that is earning short-run profits? The demand curve will shift to the left and became more elastic. The demand curve will shift to the right and became more ..
1. How does spoofing threaten an e-commerce site's operations?
q. suppose that the federal reserve lowers the required reserve ratio from 0.10 to 0.05. how does this affect the
Consider the market for corn in the United States. Suppose that the mandated percentage of ethanol in gasoline is increased and at the same time a corn blight destroys a significant portion of the corn crop. Using a supply and demand diagram, show wh..
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