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Assume the demand and supply for milk are described through the following equations: QD = 600 - 100P; QS = -150 + 150P, where P is price in dollars, Q D is quantity demanded in millions of gallons per year, and Q S is quantity supplied in millions of gallons per year.1. Create demand and supply tables corresponding to these equations and determine equilibrium price and quantity.Now suppose the U.S. government imposes a $1 per gallon of milk tax on dairy farmers.2. Using the demand and supply equations from question 1: What is the effect of the tax on the supply equation? The demand equation? What is the new equilibrium price and quantity?3. How much do dairy farmers receive per gallon of milk after the tax? How much do demanders pay?Now suppose the tax is placed on the buyers of milk. Does it matter who pays the tax?Now repeat questions 2 and 3 assuming the government pays a subsidy of $1 per gallon of milk to farmers.For Discussion: what does this problem suggest to you about the impact of government involvement in the supply and demand of specific products? How might similar involvement impact your company?4. Answer the current debate over raising the minimum wage.1. Is a minimum wage an equilibrium wage, a price ceiling, or a price floor?2. What are the Pros and Cons about raising the minimum wage? (Use economic theory to defend your pros and cons, don't just make them up.)
Higher unemployment caused by ression and higher prices have contributed to substantial reduction during 2008 in the number of vehicles on bridges, roads, and in tunnels.
Which nation has the absolute advantage in the production of tanks. Why is it this country? Which country has the comparative advantage in the production of computers.
Assume that you never carry cash. Your paycheck of $1,000 per month is deposited directly into your checking account on the 1st day of the month,
In a few weeks Professor Smith will be taking his daughter Attilla to the State Fair. Calculate the Marginal Rate of Substitution (MRS).
Assume W = 10 000. Draw the aggregate expenditure function on a scale diagram along with 45°line. What is the equilibrium level of national income?
Conflicts between Pat's statements and work. Do you see any conflicts among Pat's statements and trips to Europe.
Elucidate how each of the following will affect the consumption and saving schedules (as they relate to GDP) or the investment schedule.
This exercise is an illness which has caused three capable observable things to happen. What are they?
Explain what should the firm replace its old knitting machine, and if so, which new machine should it use.
Critically analyze also elucidate real-life economic problems also opportunities by applying economic concepts, principles, and theory.
Associate a current event article which relates to government regulations or antitrust activities.
Explain why is an increase in the number of varieties of a good regarded as a gain from trade. Can you think of economic disadvantages associated with greater product variety.
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