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Using Microsoft (MS) Excel, construct a graph showing supply and demand in the E-Book market based on the data above. (Save this file because you will re-work it later in the assignment.) When finished, copy and paste or import your graph into an MS Word document. In your MS Word document, below your imported graph, respond to the following:
1. Explain how the Laws of Supply and Demand are illustrated in this graph.
2. Describe the equilibrium price and quantity in this market.
3. Assume that the government imposes a price floor of $12 in the E-Book market. Explain what would happen in this market.
4. Assume that the price floor is removed and a price ceiling is imposed at $6. Explain what would happen in this market.
5. Now, assume that the price of E-Readers (used with E-Books) drops from $60 by fifty percent. How would this change impact the demand for E-Books? Explain your answer. Then, reconstruct your original graph to show this change and place it in your MS Word document below your explanation.
Go back to the parameterization of problem 3. What is the best general nondiscriminatory scheme from the point of view of the manufacturer?
produce the product at the lowest variable cost and sell as many as you can at the highest acceptable price. produce the product at the lowest fixed cost and sell as many as you can at highest acceptable price in the marketc. produce the product at ..
How much effort do the students exert in the Nash equilibrium of the game introduced by Amalia and what value for the cake induces the students to exert the efficient effort level
Microeconomics Problem: Price Gouging After Disasters
Assume that the population of a country grows exponentially. Suppose N5 = 20 million and N10 = 22 million. Write the expression for Nt. What is the average annual rate of growth of the population in this country? Estimate the population for year 2..
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OSHA should relax many of its workplace safety regulations, for instance, by relying on workers to take precautions rather than requiring expensive safety devices on machines and tools.
Many environmentalists, or general members of the public, are horrified by the notion of marketable pollution permits. They argue that big corporations should not be able to buy the right to pollute the environment. Make the counter-argument.
Suppose that the markup of prices over costs increases to 10%. What happens to the natural rate of unemployment? Explain the logic behind your answer.
It is believed that fiscal policy is more effective under a fixed exchange rate than a flexible exchange rate. Using the IS-LM model, illustrate and explain this differential impact for an expansionary fiscal policy.
Suppose the regulators decide to lower the cash reserve ratio for the commercial banks. What effect this regulatory step will have on the money supply, inflation, GDP and employment?
In the 1970s, the United States experienced periods of severe gasoline shortages due to OPEC policy and unrest in the Middle East. The price of gasoline increased as a result of these shortages.
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