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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?
Is your employee affected by increases in the minimum salary. In what way is your employer affected by minimum wage increases.
Assume an economy's real GDP is $30,000 in year 1 and $31,200 in year 2. What is the growth rate of its real GDP?
Using a supply and demand graph, make one shift of wither the supply or demand curve to illustrate the likely result of this action.
Make a short paper which relates how specific material from economic course where we cover supply and demand, elasticity and etc.
Show these data graphically. Upon what specific assumptions is this production possibilities curve based? What would production at a point outside the production possibilities curve indicate? What must occur before the economy can attain such a lev..
Why would a nation such as the United States, which can presumably produce everything it needs itself, choose to trade with other nations?
Discuss how your answer relates to the income and substitution effects of a price change from Knoxville food prices to Berkeley food prices.
Explain how many popsicles will be sold every day in the short run if the price rises to $2 each. In the long run, if the price rises to $2 each.
Suppose that deterioration in the education level of the U.S. population reduces the marginal product of labor.
As the manager of monopoly, you face potential government regulation. Findout the monopoly price and output.
The Canadian economy is in long-run equilibrium. Assume the following events occur one at a time. Show the effect of each event on Aggregate Demand and Short-run Aggregate Supply in Canada by shifting only one curve.
What is the net effect on the money supply in the economy? Show your work. Assume instead that Sammy uses the $10,000 he receives to pay back a loan from Bad Boys Bank. $8,000 goes to repay the loan itself, and $2,000 represents his Interest payme..
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