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Identify changes in market conditions and their effect on equilibrium price and quantity for the following events:Event 1: The wages for all dental assistants increase, increasing the costs of inputs.Event 2: The government provides national dental insurance benefits for all U.S. citizens that cover 100% of the cost of all dental services. There are two effects of this policy. First, there will be an increase in the number of consumers of dental services. Second, there will be fewer dentists willing to provide dental services, resulting in some dentists removing themselves from the market entirely.Perform the following for each event:• Graph the initial equilibrium using the myeconlab grapher software. Note: You do not need to change the numbers on each axis, but you do need to label each axis and each curve.• Answer the following questions.o Determine whether demand or supply changes, or both.o Determine whether the change is an increase or a decrease.o Show the change in demand and/or supply on the graph of the initial equilibrium. (You will have one graph for each event.)o Identify the result on the equilibrium price and quantity of dental services.
Suppose labor costs are 17.5 percent of revenue per vehicle for General Motors. In union negotiations during the late 1990s, GM attempted to cut its workforce to rise productivity.
Discuss Khalid's proposed business in terms of a competitive market and in terms of a monopolistic competitive market. Which type of market structure might he hope develops? Why? Does that development depend on him? Explain.
Add an indifference curve to your graph and label the point of consumer equilibrium. Indicate Chris's consumption level of A and B. Explain why this is a consumer equilibrium. What can you say about Chris's total utility at this equilibrium?
Suppose that the banking system is in reserve equilibrium. The Fed conducts an open market buy of Treasury securities in the value of $1 billion.
Discuss the problems associated with having a persistent vs. temporary current account deficit and determine which one has the greatest long-term implication.
Explain the concept of externality in economics? Give one example of a positive and a negative externality in Australia and what is Thorpe's marginal cost of GPA? Show and explain how his MC curve is derived.
If "excess profits" are taxed away, where will oil companies get the money to fund new exploration and development of oil properties? Does it matter if these price increases are demand or supply induced?
In the 1960s and 1970s, research funding by the U.S. government and some universities led to revolutionary advances in network computing. These advances in communication and network technology remained largely isolated to governmental and academic..
Determine the optimum prices and outputs for both Airbus and Boeing if they decide to proceed individually without collaborating in the development of the VLCT.
4.The opportunity cost of producing one more hot dog is $1.00. The price of a hot dog is $1.50. The producer surplus from selling one more hot dog is,The demand curve for hamburgers is the same as the,Markets may not achieve an efficient allocation..
Explain and illustrate what is expected to happen to an economy in "absolute macroeconomic equilibrium when, ceteris paribus, there is an established concerted policy to bring down loanable interests rates. Use both, the Aggregate Expenditure grap..
Mary Smith, a customer, buys the Best product to use in the demolition of her office building. Due to a defect in the product, John Doe, an employee of Mary's, is injured. He sues Mary Smith, Best and AI. Discuss the ramifications of this case if ..
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