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Price controls are government restrictions on prices charged for goods and services in the market. Government policies regulating prices can be controversial because they keep prices artificially low and can cause shortages. For example, in 2005, the state of Hawaii passed a price ceiling on the cost of gasoline to fight price gouging. However, in 2006, the governor of Hawaii repealed the law, stating that it was not helping to lower gas prices for Hawaii and that the government should look for alternative ways to limit oil company profits.
How do price ceilings for gas price caps impact the supply curve and the demand curve for gasoline?
What happens to the market when gas price ceilings are less than the equilibrium price? What happens when gas price ceilings are greater than the equilibrium price?
In your opinion, do you think price control policies such as the gas price cap should be used to provide fair pricing in the gasoline industry? Why or why not?
Suppose that the pre-tax price of gasoline is $1 per gallon. A tax of $0.50 is imposed and is paid by consumers to the government. What must the gross price of gasoline be after the tax so that the consumer tax burden is equal to the producer tax bur..
Compute the monthly payment and explain whether taking this loan is a smart business decision.
If it is easy for a firm to get into or exit from a market, then a firm in that market will be able to earn positive economic profits. When economic profit is positive,
An effective Federal Reserve operating target is a target that is reliably linked to
The demand curve for chicken biscuits is estimated to be: Ln (Q xd) = 100 - .75 ln (Px) - 4 n (Py) + 1.5 ln (M) Where x represents chicken biscuits, y represents chocolate milk and M represents income. If income drops by 2%, holding constant the pric..
Is an increase in the marginal income tax rate reflected by a shift in the after-tax supply of labor or a movement along the supply curve when the pretax wage rate is on the vertical axis? Explain your answer
Introduction: It is February andyou have recently been hired as the manager of Mt. Claire Café. You have been asked to improve profitability. Note: Please use Excel for all calculations.
major league level to gain an advantage and the possibility of severe health problems for young children from continued use of the body mass enhancer now and in the future when baseball productivity might have been positively affected by the use of s..
Would you rather receive $100 today or $120 in one year? b Would you rather receive $205 today or $240 in one year? c Would you rather receive $500 in one year or $610 in two years?
Do you think there are lessons for American capitalism in Europe’s experience? Is it the other way around? Might both have things to learn? Do you think that the general acceptance of the market framework by Europe’s socialist parties signals an end ..
Suppose nominal GDP in 1999 was $100 billion also in 2001 it was $260 billion. Illustrate what is the own-price elasticity of demand.
Given equipment price, E , what is the price of service in terms of E? Competition in the equipment market, however, drives the equipment manufacturer's long-run profit to zero. What is the price of equipment?
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