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Question1. Differentiate between the resource market and producer market in a circular flow model. Determine the way that businesses and households both sellers and buyers in this model also find the flows in the circular flow model?
Question2. The famous Swedish economist Assar Lindbeck remarked in his book on rent controls, "Rent control appears to be the most efficient technique presently known to destroy a city - except for bombing." Rent controls place price ceilings on rents at levels below equilibrium rental rates for the stated purpose of making housing more affordable for low-income families. Using supply and demand analysis, answer the following questions:
a. How does imposing rent controls affect the number of housing units available to low-income families?b. Under rent controls, can all low-income families get rent-controlled housing?c. Who gains from rent controls? Who loses?d. Why would Professor Lindbeck think rent controls are destructive?e. Is there an alternative policy to make plenty of housing available to low-income families that would not be subject to the problems of rent controls? Explain in detail.
You're the GM of firm that manufactures PC's. Demand for them has dropped 50%, thanks to soft economy. The sales manager has identified only one potential client, who has received many quotes for 10000 new PC's.
Consider the following demand schedule. Does it apply to the perfectly competitive firm? Calculate marginal and average revenue.
Consider the relationship given by QCars = 100 + 4xPCars - 2xPSteel - 0.2xPWorkers, where QCars is the quantity of cars (in thousands), PCars is the price of cars and PWorkers is the wage earned by autoworkers.
Derive the average cost of producing 100,000, 200,000, 300,000, and 400,000 devices per year with plant A. (For outputs exceeding the capacity of a single plant, assume that more than one plant of this type is built.)
Gentleman Gym just paid its annual dividend of $3 per share, and it is hugely expected that the dividend will raise by five percent per year indefinitely.
The Apollo Products Company currently collects all of its customer payments in Detroit. By going to a new lock box system with boxes in Los Angeles, Boston, and Atlanta, Apollo Products can reduce the total time it takes to convert customer paymen..
Suppose XYZ can sell up to 40 units of output per hour at a price of $.60 per unit but cannot even get a penny for units produced in excess of 40 units per hour. How much output should XYZ produce each hour in order to maximize profits?
In a practical sense, write your opinions on the effect a rule stating that university students must live in university dormitories would have on the price elasticity of demand for dormitory space.
Demand estimation and forecasting and income elasticity of demand
For each of the following events, indicate whether the AD or the AS curve shifts. In brief describe the reasoning behind your choice.
If nothing else changes, what happens to the price and quantity if the supply curve shifts to the right? What is the law of supply? Give two examples of how you have observed the law of supply at work.
A new competitor enters the industry and competes with a second firm, which had been a monopolist. The second firm finds that although demand is not perfectly elastic, it is now relatively more elastic.
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