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Suppose that the demand curve for wheat is Q = 100 - 10p and the supply curve is Q = 10p. The government imposes a price ceiling of p = 3.
A. Describe how the equilibrium changes.
B. What effect does this ceiling have on consumer surplus, producer surplus, and deadweight loss?
Supply curve is given by L = 20w. What equilibrium wage rate and quantity is of labour hired. What is economic rent earned by workers.
A market has a demand curve described by P=30-Q, a supply curve described by P=16+Q, and a price ceiling of 20. Calculate the Total Surplus of the market with the price ceiling
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If the prices of all products are raising at 5 percent per year and your employer gives you a 5 percent salary increase, are you better off, worse off, or equally well off in comparison with your situation a year ago? Use indifference curve analysis ..
Insurance agents receive a commission on the policies they sell.
If you were starting a soap business (laundry soap), what strategy would you use to compete with Procter & Gamble and Clorox ? How would you reach your target market? How and where would you advertise? We talk about the power of word of mouth-how do ..
You are in charge of hiring for the sales department of Nature’s Own chemical company. You are choosing between two workers, a “safe” worker who will produce 250 thousand dollars in sales (net of variable costs) in each of the next four years. Set up..
Describe the Product, Price, Place, and Promotion of Porsche. Explain the current situation of the organization in the market (industry, market, and general environment analysis). Describe your recommended organizational structure.
Assume the demand for plastic surgery is price inelastic. Are the following statements true of false? Explain. When the price of plastic surgery increases, the number of operations decreases.The percentage change in the price of plastic surgery is le..
Assume the manager asks for volunteers to postpone their tour by offering increasing amounts of cash compensation until only four people want to see the caves that day.
The source of Microsoft’s market power over the Windows operating system is a
Elucidate wether each of the following evens shifts the short-run aggregare supply curve, the aggragate demand curve both or neither.
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