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Presume that the government decides to guarantee an above-market price for a good by buying up any surplus at that above-market price. Using a conventional supply-demand diagram, illustrate the following gains and losses from such a price support:
1. The loss of consumer surplus.
2. The gain of producer surplus in the short run
3. What is the total cost of the program to consumers?
4. The cost of running the government program (assuming on storage costs)
5. Are the cost and benefits of the support program widespread or concentrated?
In general, marginal cost curve is U-shaped as you learned in my lecture and textbook. However, exception exists. Would you please provide one particular industry as an example to illustrate that MC is not U-shaped
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Compute their TR, MR, ATC, MC and profit/loss schedules, find out the equilibrium price, equilibrium output, unit profit, and total profit at the equilibrium point for these ingenious entrepreneurs.
barron chemical uses a thermoplastic polymer to enhance the appearance of certain rv panels. the initial cost of one
Analyze five reasons why demand for this product could shift and analyze five reasons why supply could shift.
When a employee declares that he consider to quit, say next month, the threat of being fired has no bite. The employee may find it in his interest to shirk.
A monopolist's inverse demand function is P = 150 - 3Q. The company produces output at two facilities; the marginal cost of producing at facility 1 is MC1(Q1) = 6Q1, and the marginal cost of producing at facility 2 is MC2(Q2) = 2Q2.
If the economy currently has a frictional unemployment rate of 2 percent, structural unemployment of 2 percent, seasonal unemployment of 0.5 percent, and cyclical unemployment of 2 percent, what is the natural rate of unemployment? Where is the ec..
consider a firm that provides video-on-demand vod over ip. it serves a city with 1000000 homes. the firm installed
Find Marens consumption in the two periods ( as a function of m1,m2 and r)3) If the interest rises, how will Maren chanhe her consumption in each of the two periodes
microeconomic problem1. suppose a business finds that output varies according to the following schedule as it adds more
governments worldwide are turning to protectionism to cope with economic problems imposing tariffs and subsidies on
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