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Many people wish to live in the beautiful town of Beachfront by the sea, but they don’t like the rents. In its current market equilibrium, Beachfront has 20,000 rental apartments at an equilibrium price of $3,000 per month. The voters of Beachfront impose rent controls at the price of $2,000 per month and the number of rental apartments available in the market shrinks to $16,000. Based on this information, sketch demand and supply curves for the town of Beachfront. a. Identify consumer surplus and producer surplus before the price ceiling is enacted. b. Show how the price ceiling transfers producer surplus to consumers. c. Show how the price ceiling creates deadweight loss. d. If you were renting an apartment in Beachfront already, are you likely to care more about the transfer of producer surplus or about the deadweight loss? Explain briefly.
In criminology, Is there a correlation between economic crisis in America and the justice program spending by the government? Critical theorists state that when the economy turns downward, government funding for justice programs (prison construction)..
Constrained Optimization in Economics 2. Minimize costs for a firm with a cost function Subject to the production quota
Illustrate what would be a simple options strategy utilizing a put and a call to exploit your conviction about the stock price"s future movement.
What would be a short-term impact on the production of the corporation. Illustrate what would be the long term.
If Social Security were considered part of the general budget then,
Use the two big questions of economics and the economic way of thinking to answer the following questions about the economic life of a homeless man.
Which of the following can cause the usual OLS t statistics to be invalid (that is, not to have t distributions under H0)? Heteroskedasticity. A sample correlation coefficient of .95 between two independent variables that are in the model. Omitting a..
Apply supply and demand analysis to price determination and predict changes in supply and/or demand. Analyze the effects of elasticity on consumer and business behavior.
Suppose that the U.S. the demand for phones is given by P=700-Q that the supply is given by P=200+Q. In Korea suppose the demand is given by P=600-Q and supply is given by P=50 + (Q/2). Please regard phones as a homogenous product. Prices are all in ..
Using the II-XX framework below, show using a figure that fiscal policies by themselves cannot bring the economy to both internal and external balances. Do start with an economy at Point 2 (you will have to address devaluation). A close to complete a..
Discuss how the Fed affects interest rates-the process? In October of 2008, the Fed stepped in as lender of last resort, explain this action.
Cadie's Candy Shop (CCS) makes a special kind of candy that has become very popular with its customers. The marginal cost of producing this candy is constant. It is equal to $3.5 per box. At a markup of 80%, what price should CCS charge for its candy..
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