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The following table presents the supply and demand schedules for volleyballs. There are protests, and volleyball supporters march on Washington to demand that volleyballs be made more affordable. A concerned President approaches Congress, and Congress repeals its policy of a price floor for volleyballs and imposes a price ceiling of $9 ($1 below the former price floor of $10). What are the consequences of this price ceiling?
Different races now or likely to be in workforce of the future depends on the US populations racial demographic changes.
Beef supplies are sharply reduced because of drought in the beef-raising states, and consumers turn to pork as a substitute for beef. How would you illustrate this change in the beef-market in supply-and-demand terms?
Assume Px = 5, Py = 2 and Income =540. If a consumer has a MVx = 2x/y, is it possible for her to achieve an interior solution? If so, what is the solution? If not, why not?
Illustrate the amount of total benefits-total costs also total net benefits at the selected quantity
Discuss two factors that would increase demand for labor - If the market price of the good or service that a firm produces increases, what happen to the demand of labor? Explain.
Explain the most important characteristic in perfect competition, monopolistic competition, oligopoly, and monopolies and relate the characteristic to how these firms can make profits in the short run
Assume that there're 10 million workers in Canada and South Korea and each worker in Canada and South Korea can manufacture four cars per year.
Imagine that winemakers in the state of Washington petitioned the state government to tax wines imported from California. They argue that this tax would both raise tax revenue for the state government and raise employment in the Washington State wine..
The textbook claims that when people do not have to pay anything to use valuable resources, such as urban roadway space, they will continue using them until their value diminishes to zero.
The annual income from a rented house is $12,000. The annual expenses are $3000. If the house can be sold for $145,000 at the end of 10 years, how much could you afford to pay for it now, if you considered 18% to be a suitable interest rate?
You are considering the purchase of a three year corporate bond. The denomination is $1,000 and the market price is $970.00. The interest is paid monthly at $8.90.
Using the aggregate demand and supply model, draw an economy in a boom with equilibrium national income above full employment GDP.
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