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In the preceding question, suppose that the supply and demand describe an agricultural market rather than a labour market, and the government implements a price floor of $140. This is greater than the equilibrium price.
(a) Estimate the quantity supplied and the quantity demanded at this price, and calculate the excess supply.
(b) Suppose the government instead chose to maintain a price of $140 by implementing a system of quotas. What quantity of quotas should the government make available to the suppliers?
the charm city cereal company makes a cereal from several ingredients. two of the ingredients oats and rice provide
In Bayonne, NJ there is a large beauty salon and a number of smaller ones.The total demand function for hair styling per day is Q=180 - 10P, where P is in dollars The marginal cost function of all the small salons together is SMCf = 4+ 0.1Q
A researcher is interested in the size of the current balance of credit card holders. To estimate this, he obtains the size of the current balance of a random sample of 25 credit card holders. A 90% confidence interval for the mean current balance..
An alumnus of WestVirginia University wishes to start an endowment that will providescholarship money of $40,000 per year beginning in year 5 andcontinuing indefinitely. The donor plans to give money nowand for each of the next 2 years.
Studies indicate that the price elasticity of demand for cigarettes is about 0.4. If a packet of cigarettes currently costs $8 and the government wants to reduce smoking by 20%, by how much should it increase the price
consider a perfectly competitive market with 10 firms firm 1 firm 2...firm 10. firm 1 through firm 9 have the same cost
Jack is a talented investor, but his earnings vary considerably from year to year. In the coming year he expects to earn either $250,000 with good luck or $90,000 with bad luck. Somewhat oddly, given his chosen profession, Jack is risk averse.
Frances has lived in an apartment for ten years when she decides to buy a house. Her one-year lease will end on May 1. On April 15, she orally con¬tracts to buy Smith's house for $100,000, with the closing (transfer of the deed) to take place on J..
tim has purchased a ticket to see a concert in miami. the ticket cost dave 600. to attend the concert tim will have to
The French government announced plans to convert state-owned power firms EDF and GDF into separate limited companies that operate in geographically distinct markets. BBC News reported that France's CFT union responded by organizing a mass strike
A state meat inspector in Iowa has been given the assignment of estimating the mean net weight of packages of ground chuck labeled "3 pounds." Of course, he realizes that the weights cannot be precisely 3 pounds. A sample of 36 packages reveals th..
Find a contemporary example of a case where a company (or brand) was boycotted for its negative CSR practices, and post the URL to the company.
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