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For each of the following scenarios, use a supply and demand diagram to illustrate the effect of the given shock on the equilibrium price and quantity in the specified competitive market. Explain whether there is a shift in the demand curve, the supply curve, or neither.
a) The US government has introduced a price cap on steel a couple of years ago. The excess demand for steel has resulted in many complaints by lobbying groups in Washington, and to please these, the government raises the price cap on steel from $100/ton to $125/ton. This is however still below the free market price of $150/ton. Show the effect on the market for steel.
An increase to the federal minimum wage is a widely debated topic and a prominent concern of employees. This issue must be addressed by policy makers and compensation professionals. Support your argument by referencing a law that applies to minimum w..
It can buy a drone from Skycatch for $1000. It is not grapes cultivation specific drone, but it can be adapted for the winery's purpose. It can also detect how much water each grapevine plant needs at a given time.
Using a demand/supply diagram, illustrate and explain the effects of the imposition of an export tax on a good Y by a home country’s government on (i) the home country’s consumers of Y, (ii) the home country’s producers of Y, and (iii) the home gover..
Provide an example of each of the four different ways industry is organized (the different degrees of market power) and explain why you believe them to be good examples.
Andy purchases only two goods, apples (q1) and kumquats (q2). He has an income of $40 and can buy apples at $2 per pound and kumquats at $4 per pound. His utility function is U(q1,q2)=3(q1)+ 5(q2). What is his marginal utility for apples and what is ..
This decision shows that Gene is: more interested in earning high profits than achieving security. motivated by his desire to quickly begin operations with a minimum of effort. not a self-motivated individual. afraid to get int..
The manager of a corporate division faces the possibility of an audit every year. She prefers to spend time preparing if she will be audited; otherwise, she would prefer to invest her time elsewhere. The auditor, who gets recognized for uncovering pr..
Describe the specific target market - Develop strategies for entering the target market
If a producer offers a price that is below a consumer's valuation of the good, the consumer:
Suppose Fiat recently entered into an Agreement and Plan of Merger with Case for $4.3 billion. Prior to the merger, the market for four-wheel-drive tractors consisted of five firms. The market was highly concentrated, with a Herfindahl-Hirschman inde..
Price discrimination is a pricing strategy whereby a firm's prices for the same or very similar goods vary for customers in different markets. This can help the firm attain more profits compared to charging a single price. For example, a movie theath..
The Blue Star Fund assets with a market value of $10.6 million and liabilities of $607,000. What is the net asset value if there are 185,000 shares outstanding? A mutual fund has an NAV of $9.55 with 274,000 shares outstanding. What is the value of t..
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