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Mobile homes are housing units installed on a permanent foundation owned by a landlord. Although a resident owns the home, she rents the foundation from the landlord. In theory, owners of mobile homes can transfer their home to a different foundation if the rent becomes too steep, but uninstalling, transporting, and reinstalling the mobile home is usually prohibitively expensive. This “lock-in” effect encourages state legislatures to create rent controls for mobile home foundations. Which statement is a plausible, unintended consequence of these laws?
A) The price of mobile homes is artificially low.
B) There are few new mobile home foundations constructed.
C) The price of transporting mobile homes is artificially high.
D) There are few new buyers of mobile homes.
What is the elasticity of its demand with respect to advertising? Now suppose the theater increases the number of its ads to 250. Should the theater increase its price following this ad campaign? Explain.
Principles of economics for evaluating and assessing the need for the public health initiative, A brief description of whether the initiative is a micro or macroeconomic program, A determination of whether the result of the initiative is a public or ..
Suppose that the investment demand curve in a certain economy is such that investment declines by $120 billion for every 1 percentage point increase in the real interest rate. Also, suppose that the investment demand curve shifts rightward by $150 bi..
In 2009 the American auto industry was in a dire economic state. Chrysler was in Chapter 11, GM was on the brink of bankruptcy, and Ford’s future was at best uncertain. The demise of the U.S. auto industry would have a devastating impact on our natio..
q1. bob consumes two commodities x and y say chocolate and classical music. more y never hurts but in order to enjoy y
Interest payments on which bonds that make up the U.S. public debt is considered to be the greatest burden on the U.S. economy? Bonds: a) owned by Americans. b) owned by the Rest of the World. c) owned by the Social Security trust fund. d) owned by t..
European Commission’s preference for a common competition policy is given by the following function: P=1−X, where P denotes price, and X denotes the level of spending allocated to such policy. Draw a diagram in which you illustrate the preferences of..
q. the tax reform act of 1986 contains a clause appropriating tax dollars for any taxpayer incorporated on september 7
Can there be a deficit on Current Account and a deficit on Capital Account at the same time? Explain. Explain why currency depreciation leads to an improvement in a nation's balance of trade. How is the exchange rate determined in a freely floating r..
Consider a market where supply and demand are given by QXS = -16 + PX and QXd = 83 - 2PX. Suppose the government imposes a price floor of $36, and agrees to purchase any and all units consumers do not buy at the floor price of $36 per unit
Many legal standards exist that businesses are required to meet in order to ensure product safety. These standards tend to be well defined, and adherence is a generally accepted risk mitigation strategy. Less quantitative risks exist, often in the ar..
compute the monthly rate of inventory growth in the global aluminum market using the given demand and supply equations for the world aluminum market.
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