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Suppose that the government places a ceiling on the price of a medical drug below the equilibrium price.
Explain why there is a shortage of the medical drug at the new ceiling price.
Suppose that a black market for the medical drug arises with the pharmaceutical firms secretly selling the drug at higher prices. Describe and draw the black market for the medical drug, including the ceiling price, the black market supply and demand, and the black market feasible price.
Calculate a marginal cost as well as an average cost schedule for the firm.
Firms can have: Accounting losses and economic losses
A shortage of a good occurs when: Who ultimately pays the tax depends on who writes the check to the government. If a buyers pay $10 per unit and sellers receive $8.50 per unit the tax is 1.50 per unit
Suppose there is a permanent increase in a country's saving rate. This increase in the saving rate will cause:
the case study of the fisher-price toys inc. a popular case in basic economics and management from the prestigious
A monopolistically competitive firm is operating in the short run, is operating at the optimal level of output, and is earning positive economic profits. Describe how this industry will adjust in the long run.
“Pay for performance” schemes may take several forms. One is a piece rate scheme, in which there is an explicit mathematical formula that translates workers’ output into pay. (For example, a worker might be paid $5 per unit of out put he or she produ..
What do economists mean when they say markets are mutually interdependent? Give an example to support your explanation
If congress decides to reduce the tax paid per pack paid by sellers of cigarettes other things being equal the cost of cigarettes will fall.
State and Local Governments in this country use sales taxes as means of generating revenue. In other countries, a value added tax (VAT) is used to generate Government revenue. Please explain the difference. In your opinion, which tax system is most e..
China has begun to allow gradual changes in the RMB/dollar rate since 2005. There are still observers believed the RMB is undervalued. Which of the following statement is true holding other things constant?
Advanced analysis) Answer the next question(s) on the basis of the following consumption schedule: C = 20 + .9Y, where C is consumption and Y is disposable income. REfer to this data. At an $800 level of disposable income, the level of savings is:
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