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Florida, like several other states, has passed a law prohibits" Price gouging " immediately before, during, or after the declaration of state of emergency. Price gouging is defined as"''.... selling necessary commodities such as food, gas, ice, oil and lumber at a price that grossly exceeds the average selling price for the 30 days prior to the emergency. " Many consumers attempt to stock up on emergency supplies, such as bottled water, immediately before and after a hurricane or other natural disaster hits an area. Also, many supply shipments to retailers are interrupted during a natural disaster. Assuming that law is strictly enforced, interrupted during a natural disaster. Assuming that the law is strictly enforced, what are the economic effects of the price gouging statue ? Explain Carefully.
There are many programs currently in use today that advocate the prevention of delinquency in youth. In a 1-2 page paper identify at least two such prevention programs and describe the strategy each uses to further the cause of preventing these crimi..
For a linear (inverse) demand function, increases in output will cause total revenue to increase when marginal revenue is:
Explain the main arguments in favor of economic stabilization during recessions. Explain why policy lags could make stabilization policies counterproductive. What are the justifications given in favor of more government involvement in the market econ..
Use the economic perpective to explin why someone who isnormally a ligh eater at a standard restaurant may become somewhat of a gullton at a buffet-style restaurant that chares a single price for all you can eat.
Assume that demand for services per period is Pt = 1000 − Qt where Qt is the stock of the durable consumed. Let the discount factor for consumers and the firm be given by δ. Find the profit-maximizing prices and outputs for a durable goods monopolist..
Suppose the cost function for your firm is: C = 10 +2Q + 5Q2. If the firm sells output in a perfectly competitive market and other firms in the industry sell output at a price of $35, What level of output should the firm produce to maximize profits o..
With Australia going through a long-lasting drought in the first decade of the 21st century, serious concerns were raised about the possibility of running out of water.
Aerospace contractor have four employees whose combine salaries through the end of this year are$250000. if the contractor expects to give an average raise of 5% each year, calculate the present worth of the employees' salaries over the next 5 years...
For class surveying different economic systems, I read a book on Marxism and its core beliefs. As I read, I came to learn that the Marxist view of economics depends heavily on the Labor Theory of Value since Marx believed that the value of a good was..
Explain how “Black Markets” impact economic actives: Please explain in detail and use a supply and demand graph for your examples
Suppose a certain state increases the license fees that physicians must pay from $500 to $2000 per year. Trace out the impact of the increase in fees an average cost, average variable cost, fixed cost, and marginal cost for physicians operating in th..
Bob and Dexter share a dorm room. Bob is a chain smoker but Dexter does not smoke. There are no laws that forbid smoking in the dorm rooms.
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