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During the late 1980' and early 1990's, economic reforms initiated by Soviet President Mikhail Gorbachev began to raise consumer incomes; but the Soviet government continued to impose price ceilings on basic goods like food, clothing and household goods. As a result, there were severe shortages of many goods and longs lines at all kinds of stores became common. Then, in January of 1992, the new Russian government, under President Boris Yeltsin, removed retail price controls on most goods. Within a month, prices more than doubled on the average and lines disappeared. Analyze these events using the supply and demand model. First draw a supply and demand diagram for some common good,; i.e., butter, showing the market in equilibrium before the beginning of Gorbachev's reforms. Next, use the shifts of appropriate curves to show why the combination of rising incomes plus price ceilings produced shortages and lines. Finally, show what happened when price controls were removed.
Explain how might a portfolio manager use financial futures to hedge risk in each of the following circumstances.
Production procedures elucidate the law of increasing opportunity costs.
All firms in a Cournot monopolistically competitive industry have the same cost function C (q)= 25 + 10q. Compute the equilibrium price, total output, firm output and number of firms in the industry.
Elucidate action did the FOMC take, if any, as per the level of the fed funds rate. Why did it make this choice
Do not post on website: The principal-agent problem occurs if the manager (CEO) is not present to monitor the worker (manager). How can she get the worker (manager) to do what is in her best interest?
Determine the quantity demanded, the quantity supplied, and the magnitude of the surplus if a price floor of $50 is imposed in this market.Determine the quantity demanded, the quantity supplied, and the magnitude of the shortage if a price ceiling..
One option to balancing the budget yearly or cyclically is to create a government budget that would be balanced if economy were at potential output.
Assume there are 12 firms in an industry. The percentage of total sales is given in the following table:
could you have both a comparative and absolute advantage in trading. If so, what if at all would be the benefit for your country to trade with any other country.
Elucidate how these economic concepts can be used to address the firm's problems and opportunities.
Describe the Federal Reserve System. Be sure to mention and discuss the Board of Governors, the regional Federal Reserve banks, and the Federal Open Market Committee.
You are considering buying a new car with a part of your student loan dollars as you really do not need the extra cash now. You have two alternatives with the following cost structures. Speedy Initial cost = $20,000 Annual operating cost = $8,000 U..
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