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Assume that books were sold in a perfectly competitive market. In response to consumer complaints about the high price of books, the government imposes a binding (effective) price ceiling.
a. In order to be effective, where must the price ceiling be set?
b. Using standard demand and supply analysis, graphically illustrate the impact of the price ceiling on the number of books purchased.
c. Identify the change in consumer surplus from the price ceiling. (Ignore the possibility of a black market.)
d. Will the price ceiling cause consumer expenditure on books to increase or decrease? Explain
q.the short-run production function for a manufacturer of flash memory drives is shown in the table below. based on
Explain a worker’s labor-leisure choice associated with a wage decrease (assuming non labor income does not change). Illustrate the income and substitution effect associated this wage change on an appropriate graph. Label all curves and axis.
Alternative X has a first cost of $5 million and an annual maintenance cost of $200,000. Alternative Y has a first cost of $7 million, a maintenance cost of $40,000 and periodic expenditures of $100,000 every five years. If both alternatives have inf..
A surface mount PCB placement/soldering line is to be installed for $1.6 million. It will have a salvage value of $100,000 after 5 years. Determine the depreciation deduction and the resulting unrecovered investment (adjusted basis) during each year ..
Why does an individual's demand curve normally slope down. Why does a market demand curve normally slope down. Why does a firm's supply curve normally slope up. Why does a market supply curve normally slope up.
Find the equilibrium interest rate c. Now suppose that G rises to 1,250. Compute private saving, public saving, and national saving. d. Find the new equilibrium interest rate.
Illustrate what was impact on supply and demand of labour on one sector of labour market. Elucidate factors that affected labour demand and labour supply in chosen historical example.
Recent research has documented the fact that Coke is something different compared to other soft drinks. In fact related literature states that Coke has already attained the monopoly status. If we assume the research is correct and coke is a monopolis..
A new municipal refuse collection truck can be purchased for $84,000. its expected useful life it six years. and by that time its market value will be zero Annual receipts less expenses will be approximately $18,000 per year over the six-year study p..
You are the owner of a local Honda dealership. Unlike other dealerships in the area, you take pride in your “No Haggle” sales policy. Last year, your dealership earned record profits of $1.5 million. Taking this into account, your marginal cost of a ..
In this exercise, you have to look for hidden premises and complex arguments. As your text notes, A hidden premise is a premise that is implied, but not stated. Drug dealing should not be a crime because it does not directly harm others or force them..
A financial panic causes a shift in demand from a situation where there was no discount lending to a situation where there is. Show this on a graph of the supply and demand for reserves.
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