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Question1. Differentiate between the resource market and producer market in a circular flow model. Determine the way that businesses and households both sellers and buyers in this model also find the flows in the circular flow model?
Question2. The famous Swedish economist Assar Lindbeck remarked in his book on rent controls, "Rent control appears to be the most efficient technique presently known to destroy a city - except for bombing." Rent controls place price ceilings on rents at levels below equilibrium rental rates for the stated purpose of making housing more affordable for low-income families. Using supply and demand analysis, answer the following questions:
a. How does imposing rent controls affect the number of housing units available to low-income families?b. Under rent controls, can all low-income families get rent-controlled housing?c. Who gains from rent controls? Who loses?d. Why would Professor Lindbeck think rent controls are destructive?e. Is there an alternative policy to make plenty of housing available to low-income families that would not be subject to the problems of rent controls? Explain in detail.
Name any good or service which has a noticeable recent price change. Using concepts of supply and/or demand, what are some possible explanations for this change in price?
Assume that the demand and supply functions for good X are as follows: What is the equilibrium price and equilibrium quantity?
Allied company machines produces the output that it sells in the highly competitive market at the price of $100 per unit. Its inputs include two machines (which cost the firm $50 each) and workers
Derive the FOC and SOC conditions of profit maximization for this firm. Show that SOC is satisfied (impose necessary conditions). Which plant will have a greater increase in output? Please explain why.
Crew Brew produces a popular brand of beer in its mini-brewery located on a small river in Kentucky. Assume that capital can be purchased for $8 per unit, and labor costs $6 per unit. What is the optimal combination of inputs for the firm to employ..
Price elasticity of demand, Income elasticity of demand and Cross elasticity of demand of toyota corolla car.
The questions asked that suppose that, because of important technological improvements, the society in question can double its production of tractors at each level of food production.
Compute the equilibrium price and quantity. Describe why the output and price levels are different for X1 and X2. Explain what occurs to consumer surplus, producer surplus, and deadweight loss.
Which of the following is NOT a condition for price discrimination? Different groups of consumers should be charged differing prices for the same product. The firm's demand curve should be downward sloping.
Use method of Lagrange multipliers to find the cost function c(r,w,y). Find out the average and marginal cost. Find out the interpretation of the Lagrange multiplier in part (a)? What is the importance of term (a+b) being less than, equal to, or grea..
Can you please explain the profit maximizing decision the perfectly competitive firm makes in the short run and describe why this firm can make profits in the short run, but profits aren't possible in the long run.
What are some of the ways these curves shift and what is the corresponding change to the point of equilibrium?
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