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1. Draw a correctly labeled market graph that illustrates an effective legal limit (floor) on prices. Identify the quantity demanded, the quantity supplied, and the size of the resulting surplus or shortage.
2. Draw a correctly labeled market graph that illustrates an increase in demand and a decrease in supply. Explain what the change in equilibrium price and quantity will be.
3. Draw a correctly labeled graph for the cereal market. Show the effect of an increase in the price of both milk and whole grain. Explain what the change in equilibrium price and quantity will be.
4. Draw a correctly labeled graph of the market for taxicab rides. On the graph, draw and label a vertical line showing an effective quota. Label the demand price, the supply price, and the quota rent.
Imagine a community with only one insurance company that provides coverage to everyone in that community (a universal/single pay or insurer). Currently, the payer does not pay anything for physician office visits. What are intended and unintended con..
A U.S. government bond matures in 10 years. Its quoted price is now 96.4, which means the buyer will pay $96.40 per $100 of the bond’s face value. The bond pays 5% interest on its face value each year. If $10,000 (the face value) worth of these bonds..
The equation for a demand curve has been estimated to be Q=100 - 10P + 0.5Y. what is income elasticity? what is price elasticity?
If consumption and government purchases go up, what happens to GDP in the long run. Show this graphically.
The plant has accumulated savings of $80,000 to acquire a new machine for the Manufacture Department. The new machine costs $80,000. The Straight line depreciation method is used buy this plant in all its equipments. Compute the present worth after t..
The basic difference between explicit and implicit costs is
Equilibrium quantity must increase when demand
Suppose that Lorena consumes only three different goods: steak knives, butter knives, and butcher knives. If, according to Lorena’s preferences, butter and butcher knives are inferior god, must steak knives be a normal good?
Today more workers in the US are members of lavor unions than any time in our history. Today labor unions are weaker than anytime in the last 100 years. No major labor union has called a strike since the 1940s.
Elucidate why general level of wages in the united states and other industrially advanced countries. What is the single most important factor underlying the long-run increase in average real-wage rates in the united states
What would be drain on U.S. GDP (as a percentage) from paying interest on net foreign debt. What if net foreign debt were 100 percent of GDP? Size of its foreign debt.
q1. compare the unemployment rate in new mexico to the national average of the past four 4 years. compare the trends in
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