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Let’s say the current administration decides to make a college education more affordable, so they establish a price ceiling of $50 per credit hour for community colleges, $75 per credit hour for four year institutions, and $100 per credit hour for graduate classes. What is a price ceiling and what effect does it have on the market? List and explain several positive and or negative consequences of this action. What would happen to producer and consumer surplus?
A medical device company has a monopoly on a certain class of cardiac implants. Demand for the implants is given by P=28000-5Q and marginal revenue is given by MR=28000-10Q. Give the profit after calculating the profit-maximizing price and quantity. ..
In your own words, and using research sources other than the textbook, distinguish between economic profit and accounting profit. Please cite references
Canon will receive payment from its dealers on August 28th, 2012. Assuming which Canon needs to cover its expenses in Japan
What are transnational corporations (TNCs, or multinational corporations, MNCs) and how are they different from other business firms? Why have the MNCs become more important in international political economy during the past three decades? How have r..
Assume the hospital is a monopolist with a demand function given by p = 404−2x, where p is the price of hospital care and x is the quantity of hospital care. Assume that the hospital’s cost function is given by C = 300+4x+8x 2 , where C is total cost..
Any goods from all should be of higher demand than supply; the other good should show higher supply than demand.
Zar Island Gas Company is the sole producer of natural gas in the remote island country of Zar. The company's operations are regulated by the State Energy Commission. The demand function for gas in Zar has been estimated as: In the absence of any gov..
Explain what would the cross-wage elasticity between teenagers and adults have a positive or negative sign.
Who benefits from a tariff or quota. Who loses. Illustrate what are positives and negatives of protectionist trade policies on federal government's part. Which policy is best right now.
A car is financed as follows: $2,000 as down payment plus equal monthly payments at 8% annual interest rate compounded monthly for 3 years. Original price of the car was $12,500. It is expected that maintenance costs are going to be $700 in the first..
q1. assume that with 400 patients per year the safc short-run average fixed costs satc short-run total costs and
Illustrate what is standard inconsistent cost. Illustrate what is the marginal cost.
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