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Problem: Suppose the U.S. government places a price ceiling on the sale of gasoline at $3 per gallon in the figure below,
a. How much of a shortage or surplus of gasoline would result?
b. Calculate the effects of this policy in terms of the changes in consumer surplus and producer surplus.
c. How much deadweight loss is created?
d. What would happen if the price ceiling is raised to $6 per gallon?
The following outputs considered an intermediate good, a final good, or neither for purposes of calculating GDP in the current year.
Describe the macroeconomic and microeconomic concepts and how they relate to the management of a global organization.
Describe why relatively flat as opposed relatively steep labor demand curves are more consistent with empirical observation that there are relatively minor changes in the real wage rate over course of business cycle.
Write down the equation of the budget line.
Derive the marginal cost curve from your answer to (c) and show the relationship between the marginal cost and marginal product of labor.
Compute the path of the economy, that is , calculate real GDP, the price level, the inflation rate and real money stock for each year until GDP I swithin 1% of the potential. (limit calculated values to 10 decimals points)
Looking to raise profitability in perfectly competitive marketplace. How to efficiently plan production?
Explain how advertising can be employed to allow Tots-R-Us to keep price average above cost without encouraging entry.
How Might pressures felt by college-bound high school students to participate in academic related organizations and activities contribute to a lower teen labor force participation rate Why are people receiving disability benefits not counted as par..
Which of the following is now true of his opportunity costs and there is no change in the opportunity costs. B. The opportunity cost of leisure has increased.
If you assume that wealth (W) and investment (I) remain constant what are the equilibrium levels of GDP (Y), consumption (C), and savings (S) ?
Illustrate what would be various variations and perspectives from current economic downturns
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