Why would the govt impose a price which losses of efficiency

Assignment Help Microeconomics
Reference no: EM13184269

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?

Reference no: EM13184269

Questions Cloud

State drink to meet your daily fluoride requirement : How much water would you have to drink to meet your daily fluoride requirement of 0.5 mg.day?
Dural folds is mismatched with its location : Which of these dural folds is mismatched with its location?
Evaluate in order to compute the avg value : The following questions pertain to the magnitude of the x-component of the speed(absolute value of the velocity) cx=|vx| of atoms in a gas, whose probability distriubution has the form P(cx)= ae^-bc2/x.
Communicate electronically rather than in person : Why did you choose to communicate electronically rather than in person? Why was the experience positive or negative? How do the components and processes of communication apply to the electronic/computer channel?
Why would the govt impose a price which losses of efficiency : 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..
State physiological compounds that resist a change in ph : Buffers are important physiological compounds that resist a change in pH. Calculate the pH of system that is 0.25 M benzoic acid and 0.75 M benzoate if the pKa = 4.2.
Should you admit you have been fired from a job : Should you admit you have been fired from a job? If so, how much information should you provide? Please cite url or references used for class discussion and answer in 140 words or less.
State translational and rotational degrees of freedom : Given that translational and rotational degrees of freedom typically behave classically, but vibrations behave quantum mechanically, the total (avg) energy of a diatomic is predicted to be U= (5/2)RT+ , where is obtained from Eq.124.
Prepare an income statement using single-step form : Prepare an income statement, using the single-step form, and a statement of owner's equity using the data (below) from the ledger of Morrison Co. after adjustment at September 30, 2011

Reviews

Write a Review

Microeconomics Questions & Answers

  The free rider problem

Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.

  Failure of the super committee is good thing for economy

Some commentators have argued that the failure of the “Super committee” is good thing for the economy?  Do you agree?

  Case study analysis about optimum resource allocation

Case study analysis about optimum resource allocation: -  Why might you suspect (even without evidence) that the economy might not be able to produce all the schools and clinics the Ministers want? What constraints are there on an economy's productio..

  Fixed cost and vairiable cost

Questions:  :   Which of the following are likely to be fixed costs and which variable costs for a chocolate factory over the course of a month?  Explain your choice.

  Problem - total cost, average cost, marginal cost

Problem - Total Cost, Average Cost, Marginal Cost: -  Complete the following table of costs for a firm.  (Note: enter the figures in the  MC   column  between  outputs of  0 and 1, 1 and 2, 2 and 3, etc.)

  Oligopoly and demand curve problem

Problem based on Oligopoly and demand curve,  Draw and explain the demand curve facing each firm, and given this demand curve, does this mean that firms in the jeans industry do or do not compete against one another?

  Impact of external costs on resource allocation

Explain the impact of external costs and external benefits on resource allocation;  Why are public goods not produced in sufficient quantities by private markets?  Which of the following are examples of public goods (or services)? Delete the incorrec..

  Shifts in demand and movements along the demand curve

Describe the differences between shifts in demand and movements along the demand curve. What are the main factors which can shift the demand curve? Explain why they cause the demand curve to shift. Use examples and draw graphs to support your discuss..

  Article review question

Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:

  Long-term growth, international trade & globalization

Long-term Growth, International Trade & Globalization:- This question deals with concepts such as long-term growth, international trade and globalization. Questions related to trade deficit, trade surplus, gains from trade, an international trade sce..

  European monetary union (emu) in crisis

"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"

  Development game “settlers of catan”

Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd