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Explain the concepts of consumer surplus and producer surplus, and then use these to demonstrate that a price ceiling is less efficient than equilibrium in a supply and demand analysis. Articulate why the price ceiling results in either a shortage or surplus, and then specify which will result. Identify an example of a price ceiling. Given the loss of efficiency, why would the government impose such a price?
Calculate consumer surplus in the case of entry deterrence and in the case of entry accommodation. Which situation leads to the largest consumer surplus?
Draw the market Demand and Supply curves (on the same graph) for Ford and what is the market equilibrium price and quantity explain what you will observe in the market if the Ford car price is set at a higher than equilibrium price.
How do markets determine the payments to the various factors of production? How do markets determine the distribution of income?
What is your monthly loan payment? What is your yearly loan payment and what is your yearly depreciation? What is the book value of the property at the end of ten years?
Explain how economics is used as a social science and as a policy tool and write a two-page essay in which you address the issues.
Company A plans to produce 300,000 units next year, the production budget is: Compute the total cost and cost per unit when the unit production is changed to 315,000 units.
While referring to the "EYE on YOUR LIFE" section on page 183 of the textbook, apply this concept to your life. Develop your own policy position on price floors and price ceilings.
Marketing Strategy :Value Proposition,Critical Issues,Financial Objectives,Marketing Objectives,Target Market Strategy,Messaging,Branding
Imagine you have a price weighted index made up of 2-stocks, Stock A and Stock B. The price of A equals $30 and the price of B equals $70.
Why does the assumption of independence of risks matter in the examples of insurance? What would happen to premiums if the probabilities of houses burning were positively correlated?
Find out the firm's optimal quantity, price, and profit (1) by using the profit and the marginal profit equations and (2) by setting MR equal to MC. Also provide a graph of MR and MC.
Discuss the prospects for demand for the kind of automobiles manufactured by Hyundai in two countries: China and Turkey.
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