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In many states, including Florida, it is illegal to engage in price gouging. Florida’s law penalizes a seller for any “gross disparity between the quoted price of a ‘necessity item’ such as water, and the item’s price on the date that the governor declares a state of emergency.” The penalties stay in force for 30 days from the date of the declaration. Florida is susceptible to hurricanes and in 2004, three successive hurricanes struck Florida. The demand for “necessities,” such as bottled water, gasoline, and plywood increased significantly since damages to the state’s housing, electrical grid, and businesses were extensive. With prices fixed at prehurricane levels, there was little incentive for producers and others outside the state to rush these items to Florida disaster areas. (A) Who gains and who loses when antigouging laws contribute to shortages of items such as bottled water or plywood?
If France can produce grapes at a lower opportunity cost than any other nation, France is said to have a/n ____________in the production of grapes.
Currently, the retailer sells 50 suits per week for $200 each. The retailer wants to sell the entire stock of 200 suits during the next year. What should be the sales price?
The blue line circle symbols is a demand-for-money line and the orange line square symbols is a money supply line.
Alex is willing to buy the last ticket to the Billy Bragg concert for $15, while Jake is willing to pay $25. Alex is first in line and buys a ticket for $15. Alex could sell his ticket to Jake for $20, but he can't because of government regulation pr..
q.a friend of yours is considering two providers of cell phone services. provider a charges 120 per month for the
Suppose several additional junior staff are employed in subsequent years after a new business is established. The owner notices a large increase in the motor vehicle expense account.
Assume that the demand for plastic surgery price is inelastic. Are the following statements true or false? Explain your answer
q1. assume demand take the form q 36p-1.a. show that the price elasticity of demand is constant and equal to -1.b.
Identify a job that you really like then identify a job that you disliked and wanted to quit. Assess both jobs in terms of the freedom you were given to make decisions.
Suppose that the U.S. government decides to charge beer producers a tax. Before the tax, 15,000 cases of beer were sold every week at a price of $7 per case. After the tax, 10,000 cases of beer are sold every week; consumers pay $9 per case, and prod..
A firm's cost function is TCi = a + bqi + c qi2, where a, b and c are positive constants a. Find its marginal cost function, and show that MC is increasing for all q. b. Find its average total cost function. Now, prove that at the quantity that minim..
The price of pizza can be expressed in terms of gallons of root beer. What is the highest price at which pizza can be traded that would make both roommates better off? What is the lowest price? Explain.
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