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In many states, including Florida, it is illegal to engage in price gouging. Florida’s law penalizes a seller for any “gross disparity between the quoted price of a ‘necessity item’ such as water, and the item’s price on the date that the governor declares a state of emergency.” The penalties stay in force for 30 days from the date of the declaration. Florida is susceptible to hurricanes and in 2004, three successive hurricanes struck Florida. The demand for “necessities,” such as bottled water, gasoline, and plywood increased significantly since damages to the state’s housing, electrical grid, and businesses were extensive. With prices fixed at prehurricane levels, there was little incentive for producers and others outside the state to rush these items to Florida disaster areas. (A) Who gains and who loses when antigouging laws contribute to shortages of items such as bottled water or plywood?
If oligopolistic firms banded together with the intention of acting like a monopoly it would likely result in their being able to
Assume that the country initially has no restrictions on trade also then imposes an import quota
Construct a market basket using a graph. calculate the price index based on the basket. Decide quantity and estimate current prices for each product.
Using the slope of the health expenditure function, predict the change in per capita health care expenditures that would result.
Elucidate how would you improve this survey to better reflect the needs of the consumer.
Suppose you have hired a new worker, unfortunately you do not know if the worker is a shirker or a hard worker. Suppose working hard raises the probability of making a sale from 40% to 80% (thus raises the probability of making a commission C by the ..
A monopoly is considering selling several units of a homogeneous product as a single package. A typical consumer’s demand for the product is Qd = 40 - 0.5P, and the marginal cost of production is $50. Determine the optimal number of units to put in a..
For rice production, why might labor productivity among workers in some southeast Asian countries be lower than labor productivity in Arkansas (Note: Arkansas exports the 4th largest amount of rice in the world).
Find the equal annual payment series that would be equivalent to the following increasing series of payments if the interest rate is 12% (a) compounded annually; (b) compounded continuously.
Consider the following strategic setting involving a cat named Baker, a mouse named Cheezy, and a dog named Spike. Baker’s objective is to catch Cheezy while avoiding Spike; After Spike moves, the game ends. In this game, how many information sets ar..
A proposed $2.5 million dollar investment at a 70 MGY (million gallons a year) facility will save the facility $800 k/ yr in energy costs. Assuming an interest rate of 5%/ yr, and equipment expected life of 10 years. Should the facility make this inv..
Twin deficits occurred in the 1980s reveal that huge government budget deficit may result in trade deficit. However, by the late 1990s, the federal budget deficit had moved into surplus, but the current account deficit widened. Can you explain the ca..
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