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Suppose that the demand curve for wheat is Q = 100 − 10p and the supply curve is Q = 10p. The government imposes a price ceiling of p = 3.
(a) Describe how the equilibrium changes.
(b) What effect does this price ceiling have on consumer surplus, producer surplus, and deadweight loss?
Consider a market with a demand curve of P=10-Q and a supply curve of P=Q. Before the imposition of a tax, equilibrium quantity is 5, and equilibrium price is $5 (verify this). If a tax of $5 per unit is placed on this market, quantity traded falls t..
A number macroeconomic variables decline during recessions. One of these variables is the GDP. What other variables, besides real GDP, tend to decline during recessions? Given the definition of real GDP and its components, explain the declines in the..
______ signals that a recovery is coming, and is a condition to be expected at the trough of the business cycle.
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What price are individuals with $5,000 in the bank willing to pay for the insurance. Will those with $5,000 in the bank voluntarily purchase insurance.
Guest Corporation issued (sold) 1,000 shares of its no par common stock for $110 per share. The bylaws established a stated value of $100 per share. The transaction is recorded as an increase in contributed capital of a. $ 100,000. b. $ 110,000. c. $..
The initial cost of constructing a flood control dam is estimated to be $5 million, with annual upkeep costs of $499,526. Annual benefits (e.g., reduced flood damage, agricultural development, and tourism, etc.) are expected to be $1.25 million, wher..
Ingrid took a university teaching job as an assistant professor in 1974 at a salary of $10,000. Illustrate what is Ingrid's 2003 salary in 1974 dollars.
Firms 1 and 2 compete in a Cournot duopoly. If firm 2 adopts a strategy that raises firm 1's marginal cost:
In 2013, the furniture store PB produced 13 mahogany desks. One of them is sold to Jeanine for $3,349, later that same year Jeanine sold the desk to Pamela for $1,919. The remaining desks were not sold to anyone that year and stay in PB's inventory a..
Elucidate what happened to Ikonomia's net foreign assets during 2007. Did it acquire or lose foreign assets during the year.
Two investments involving a virtual mold apparatus for producing dental crowns qualify for different property classes. Investment A has a cost of $59,500.00, lasts 9 years with no salvage value, and costs $150,000 per year in operating expenses.
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