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Question: Imagine that to preserve the traditional way of life in small fishing villages, a government decides to impose a price floor that will guarantee all fishermen a certain price for their catch.
a. Using the demand and supply framework, predict the effects on the price, quantity demanded, and quantity supplied.
b. With the enactment of this price floor for fish, what are some of the likely unintended consequences in the market?
c. Suggest some policies other than the price floor to make it possible for small fishing villages to continue.
First, describe several different fixed costs and variable costs associated with operating an automobile. Next, assume that you would like to travel from Los Angeles to New York City by either car or plane.
Draw a demand–supply graph and label the axes with the price and quantity of khaki pants. Next, for each scenario, draw the appropriate demand–supply curve. Compare the new demand curve or supply curve by drawing it on the same graph.
Suppose Venezuela imports TV sets at a price of $150 each. Under free trade, how many sets does Venezuela produce, consume, and import? Determine Venezuela's consumer surplus and producer surplus.
1.Government policymakers may be elected politicians or appointed experts. Describe some of the specific decisions made by policymakers that affect you personally 2. Discuss the motivation of policymakers. Are they held accountable by voters
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In a closed economy (i.e. one with no foreign trade) the following relationships hold:where C is consumer expenditure, Yd is disposable income.
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Suppose that the government decided to control the prices of most food items (think about the government imposing some price ceiling on the prices of all food
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Suppose the dollar is overvalued by 20% and the Secretary of the Treasury announces that he hopes it will soon return to equilibrium.
Suppose that everyone was completely versatile-able to do everyone else's work just as well as his or her own. Would a division of labor still be useful in society? Why?
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