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Suppose in organic honey market, demand and supply for organic honey are given as below. The unit of Q as million bottles.
-Demand function: Qd = 25 - 5 * P
-Supply function: Qs = 4 + 2 * P Here P is the price of organic honey ($/bottle). To improve the revenue of honey producers (bee farmers), the government (USDA) is trying to set up a price floor. Now USDA imposes one price floor (a minimum market price) at $4/bottle.
(1) Use your language to explain what is a price floor? What are possible economic impacts of using a price floor?
(2) What the policy impact of this price floor? Does the price floor work? How to explain the impact of this price floor?
SaveUmoney Tax Services (STS) is a small operation that offers tax services to individuals and small businesses. A local marketing consultant has estimated the weekly demand for STS's services as follows: Q = 1200 - 6 P + 25 A where: Q = the number o..
1) Explain the possible impacts of legalization on the market for currently illicit drugs. In your response, address the potential increase or decrease in price
Determine the cost of Goods sold under LIFO and FIFO. Why would Leno want to changeto LIFO for tax reporting?
Snack food venders and beer distributors earn some monopoly profit in their local markets but see them slowly erode from various new substitutes.
If MPC is .75 then if consumer income rises by $10,000 we would predict that consumption will: A. rise by $7500 while savings fall by $2500. B. fall by $2500 while savings rise by $7500. C. rise by $7500 while savings rise by $2500. D. fall by $2500 ..
In the country of Drazah Larom (moral hazard spelled backward), health insurance is nonexistent and all medical markets are perfectly competitive. Use supply and demand analysis to explain the impact of the following changes on the price and output o..
There were 13,249 weddings in Springs City last year. According to state records, notaries public performed 17% of the weddings. How many weddings were not performed by notaries public?
What can be said about the estimated slope coefficient for a regression of Y on X, versus the estimated slope coefficient for a regression of X on Y.
Find out QD and QS when cost of good X is $12.00. Is re a surplus or shortage. Illustrate what should happen to cost of Good X to drive it to Equilibrium.
Interest payments on which bonds that make up the U.S. public debt is considered to be the greatest burden on the U.S. economy? Bonds: a) owned by Americans. b) owned by the Rest of the World. c) owned by the Social Security trust fund. d) owned by t..
As in the previous exercise, consider an initial wealth of 10 and the lottery X˜ . Assume now that the utility is: u = w for w = 10. Draw the utility function. Is it globally concave? Compute the certainty equivalent and the risk premium attached t..
What in your view are some of the positives and negatives of foreign direct investment (FDI) in developing countries from other countries.
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