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What is consumer surplus and producer surplus?
Create a diagram to explain your answer. On the same diagram, show what happens if a limit is imposed on the amount of a good that can be sold in the marketplace (e.g., shortages of rubber due to government controls such as tariffs on imports or import quotas, or due to diseased rubber trees, that result in a limited number of wiper blades for cars), and then explain if the societal combination of the consumer and producer surplus is more or less than if the limit on the quantity had not occurred. Would losses to both producer and consumer surpluses occur? Why or why not?
Hint: You may need to refer to the term deadweight loss or welfare loss triangle in your answer.
Compute the value of the price index for GDP for 2006 using 2005 as base year. By what percent did prices rise?
In response to pressure from environmentalists the government now tightens the maximum damage standard to 4 units. How much fertilizer will farmers use now? What will their profit be? What is the net societal benefit? What is the value of ??
Explain the difference between Classical, Keynesian, and Monetarist Economics. Which do you think is most effective?
Evaluate the assumptions and conclusions of Arrow's Impossibility Theorem and provide an assessment of both the result and its implications for social decision making
Macro-economics is perhaps most divisive area of economics. Macro economists divide themselves into different schools of thought. Two of the biggest camps are the Keynesians and the Monetarists.
Think about a company that has been a state-owned, natural monopoly. If it is privatized, what kind of regulatory policies could the government follow, and what impact might they have on the firm.
The Wozniak Corporation, a maker of aircraft engines, determines that in 2008 the demand curve for its product is as follows-What is the price elasticity of demand if price equals $500?
Urgent please tutors, If possible kindly assist with the correct solution to the economic problem below please. Based on the Economists Explain the reason as to why college students choose to study.
Illustrate how critical issues such as process formation, communication, communication channels and personal values may affect a team's structure and success.
What is the mission and legal mandate of the Federal Reserve System? What policy tools are available to the FED to achieve their mission? What is the difference between an insolvent bank and an illiquid bank?
Explain how an increase in the cost of job loss may lead to an increase in the intensity with which workers work. What role does the wage rate play in this process?
A firm, which is the only supplier of a good located in a particular town, is accused of engaging in anticompetitive tactics in order to protect its monopoly position in that town. As part of its defense, the firm has argued that the geographic an..
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