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Show a model with a highly inelastic Supply Curve (such as rental units in New York City). Show the effects of a price ceiling on this market. Show:
Equilibrium quantity
Price ceiling quantity
Equilibrium price
Price ceiling price
Consumer Surplus
Producer Surplus
Note any deadweight loss due to the price ceiling. Is it more or less than the standard model?
What is this model TELLING US?
The overwhelming majority of federal cases are resolved in the _____.
You had been offered a full time job with a salary of $80,000 per year. You are currently running your own small business with annual revenue of $150,000 and accountant costs of $60,000. Would you accept the job or continue with your own business? Wh..
If passengers can in effect sell their confirmed reservations when a seat shortage arises, why can't passengers sell their right to land at a crowded airport when a shortage of landing slots arises? Provide references please.
Show the equilibrium effects on consumption and hours worked of and increase in G of this type are ambiguous but that output increases.
Suppose the demand for a new pharmaceutical drug, on which the manufacturer has a patent monopoly, is given by: Q(P,A) = (100 – P) ·A^0.5. Calculate the profit-maximizing price, advertising expenditure, and profits for the firm.
Indierence Curves- Explain what an indierence curve is. Explain why an indierence curve always has a negative slope. Indierence curves are concentric to each other. What does an indierence \above" another indierence curve indicate?
The following report appeared in the New York Times on August 7, 1989: “A soft landing would not force the Federal Reserve to push interest rates sharply lower to stimulate growth. Interpret this paragraph using the short run model of exchange rates ..
What are the economic concept? What is market? What is a competitive market? What is supply and demand?
Which theory of the yield curve is an extension or modification of the pure expectations hypothesis? Which theory is an extension or modification of the market segmentation hypothesis?
Distinguish between comparative advantage and competitive advantage (may take some research on your part). Which is used by economists as a justification for international trade? Why?
De Beers is a monopolist which supplies diamonds with constant marginal cost and constant average total cost. Draw the average cost, marginal cost, demand and marginal revenue curves. Show the price charged by De Beers without price discrimination.
One family of social dilemmas arises where a group of people are involved in some task that depends on the efforts of each of them. The strategy choices are work or shirk. In an effort dilemma, one persons shrinking places the burden of increased eff..
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