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Question1. Using the principles of economic reasoning, discuss the probable consequences of the rent controls.Question2. Determine what do the laws of supply and demand forecast would be the result of an immediate removal of rent control in terms of the price of rental housing and the quantity available?Question3. If you consider a product like gasoline, would you favor price control so that you pay less than the current price at the pump, $1.00 less for example? Why or why not?Question4. If economists are right about the generally negative effects of price controls, why do you think they remain in place in some cases? Do you think they allocate scarce resources efficiently? What would be some alternative policy measure for fair housing?
Northern Granite Corporation, a corporation in New England, installs granite counter tops in houses. When it 1st entered the business, price per foot for installing a granite counter top was $180 per square foot,
Airline fares are bigger in summer than in winter. Some railroads charge lower fares during week than on weekends. Electric firms charge customers lower rates the more electricity they use.
Describe the impact of the recent economic crisis in the U.S. on the automobile industry, with special reference to the operating costs and auto sales in the industry.
If the total cost of producing 20 units of output is $1000 and the average variable cost is $35, what is the firm's average fixed cost at that level of output?
The steady increase in demand for home computers has resulted in the massive increase in demand for web access, yet, the price of access has been steadily declining.
Consider an electricity market with a daytime (peak-period) inverse demand of P=160-Q, and a nighttime (off-peak) inverse demand P=80-Q, where P is the price of electricity and Q is units of electricity.
Assume the market for natural gas can be explained by, Where P is the price of natural gas per million BTU, Q(D) is the quantity demanded and Q(S) is the quantity supplied of million BTUs of natural gas a day.
For each of following changes, show/explain the effect on DEMAND CURVE and state what will take place to market equilibrium price and quantity (in the short run).
Assume you own the remodeling company. You're currently earning short-run profits. The home remodeling industry is an increasing cost industry. In the long run, what do you expect will happen to:
Find out the total revenue (TR) and total profits in terms of Q. At what level of output (Q) are total profits maximized? What price will be charged? What are total profits at this output level?
A restaurant industry has a market structure that comes closest to
Price elasticity of demand and Income elasticity of demand What impacts will have the construction of a new natural gas company on oil demand. And on electricity demand? Justify.
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