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Consider the following functions: Qd = -2P + 80 and Qs = P - 10. Further assume that the government has institutes a price floor of $33 in this market.
a. Calculate the amount of consumer and producer surplus in the market before the price floor is put into place.
b. Calculate the net changes in both consumer and producer surplus after the price floor has been put into the market. (meaning the area of net gained producer surplus, lost producer surplus, and net lost consumer surplus)
c. Calculate the amount of dead weight loss that was created by this price floor.
d. Generate a graph and clearly denote the areas of consumer surplus loss, producer surplus gain, producer surplus loss, as well as the dead weight loss after the price floor.
Map out how you think your potential customer goes about making his or her purchase decision for the product/service your venture will market. What are the key internal influences (e.g., motivation) and external influences (e.g., personal influences)..
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How do you use indifference curve analysis to explain the price ; income and substitution effects and to demonstrate the delegation of the demand curve for different types of goods
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Marge opens an oxygen bar in a building she owns. She utilized to rent the building to her brother in law.
There have been significant discussions on the government's fiscal policy during the Great Recession. In particular, many did not like the government's actions in salvaging the auto industry in providing guaranteed loans to GM and Chrysler. What is y..
If interest rates could be deducted from income, would an investor change his/her decision based on question 1.
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