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Microeconomics concepts
1. What entity establishes a price ceiling and does it require government sanction for violators? Will it result in a surplus or a shortage?
2. If a producer overproduces and sets the price of his product too high to allow him to sell all of his production, does this cause a surplus or an excess supply condition?
3. What entity establishes a price floor and does it require government sanction for violators? Will it result in a surplus or a shortage?
4. An increase in the supply of a good is expected to have what effect on its price? What will be the effect on the demand for substitutes?
5. If the own-price elasticity of demand for gasoline is -.2 and there is a 10% increase (+.10) in the price of gasoline, what will be the percentage change to the equilibrium demand for gasoline?
6. Define a black market in terms of a Price Ceiling.
7. A regulated transportation monopoly is losing money. The Monopoly goes to its government regulators with a request to raise their rates (price). An economist on the regulatory commission says that raising rates will bring in less revenue as customers change to substitute forms of transportation. The Monopoly and the economist have different views of the elasticity of demand for the monopoly's transportation services. Which one thinks the demand is inelastic and which one thinks it is elastic?
What is a fixed payment made by the privately insured patient in exchange for receiving the medical good or service? What is the percentage of each and every medical bill that the patient pays rather than the flat dollar amount?
In recent years, consumption spending by households has accounted for about 70% of the total spending (aggregate demand) in the U.S. economy.
You are planning a short-run production function for your firm, and you have collected the following data on labour usage and output: Calculate estimates of total. Average, and marginal products when the firm employs 23 workers
Application of Nash Equilibrium and Game Theory with examples
Illustrate what is the arc cross elasticity of demand among Future Flight's and Soaring Free's frisbees
If the desired fiscal stimulus is $20 billion and the desired AD increase is $50 billion, we can conclude that the MPC is:
Illustrate what is the estimated elasticity of demand for new brand cars with respect to the price of gasoline.
What is the marginal opportunity cost of services in each country? Who has the comparative advantage in factory-stuff?
Elucidate tools are used to accomplish conscious fiscal policy.
The agricultural market for corn usually can be characterized as a purely competitive industry. How might the following events affect the shot-run cost curves and output for a firm in the industry?
Fill in the missing data for price (P), total revenue(TR), marginal revenue (MR), total cost (TC), marginal cost (MC), profit (π), and marginal profit (Mπ) in the following table:
Assume that a price support system for cotton requires the federal government to pay farmers $3,000 for each acre to not plant cotton. How would you shift either the supply or demand curve for cotton to describe the effect of this action? In your a..
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