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During the late 1980' and early 1990's, economic reforms initiated by Soviet President Mikhail Gorbachev began to raise consumer incomes; but the Soviet government continued to impose price ceilings on basic goods like food, clothing and household goods. As a result, there were severe shortages of many goods and longs lines at all kinds of stores became common. Then, in January of 1992, the new Russian government, under President Boris Yeltsin, removed retail price controls on most goods. Within a month, prices more than doubled on the average and lines disappeared. Analyze these events using the supply and demand model. First draw a supply and demand diagram for some common good,; i.e., butter, showing the market in equilibrium before the beginning of Gorbachev's reforms. Next, use the shifts of appropriate curves to show why the combination of rising incomes plus price ceilings produced shortages and lines. Finally, show what happened when price controls were removed.
Since January of 2001 the Fed has reduced its Fed funds rate target from 6.5 percent to 1 percent. Nonetheless, the number of people at work is less than
Corn is a key input in the poultry, dairy, hog, and cattle industry. Ellucidate effect has the sharp increase in the price of corn had on these industries.
According to the table above, if the wage rate is $500 and the price of output is $5, how many workers should the company hire?
Assume you are the general manager of a concrete mixing and delivery facility located in Texas. Your company purchases the raw materials for concrete, mixes the concrete according to customer specifications,
the wages of players have raised enormously, in particular the salaries of high-quality pitchers.
A change in reserve needs of depository institutions is the policy tool most frequently used through the Federal Reserve to influence economic activity
"Most of the firms spend considerable amounts of money on advertisement". Explain advertising elasticity of demand and its practical applications in this context.
An engineering student requires to replace the battery in her car so that she can drive home for a vacation after Spring Semester. She has located following possibilities:
In 1990s, Chrysler Company placed nearly all decisions about the development of a new vehicle in the hands of a single, cross functional product team.
The Bretton Woods system and institutions setup after World War II and the U.S. dollar as a reserve currency
A monopolist with two plants operates with a marginal revenue of 500-4Q and marginal costs of 4Q for plant 1 and 2Q for plant 2. Elucidate what are outputs at each plant to maximize profits.
Using the static classical AD/YP model, demonstrate the effect of each of the following changes.
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