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Suppose that the government places a ceiling on the price of Internet access below the equilibrium price.a. Show why there is a shortage of Internet access at the new ceiling price.b. Suppose that the black market for Internet providers arises, with internet service providers developing hidden connections. Illustrate the black market for internet access, including the implicit supply schedule, the ceiling price, the black market supply and demand, and the highest feasible black market price.
The upper graph is for perfectly competitive firm. The lower graph is for the monoploist. Employ the graphs to answer the following questions: What is the firm's Total Revenue?
Let the utility function be U = log(x) - l, where l is labour and x is consumption. Find the level of labour supply if the wage rate w=10.
Discuss how is the liquidity money (LM) curve derived and determine what impacts it and how does it impact the global economy? Provide examples and support your claims.
Discuss why would cash transfers typically be preferred by recipients over in-kind transfers? What are the pros and cons of each from a government perspective?
Problem - Total Cost, Average Cost, Marginal Cost: - Complete the following table of costs for a firm. (Note: enter the figures in the MC column between outputs of 0 and 1, 1 and 2, 2 and 3, etc.)
Consider a market characterized by the following inverse demand and supply functions: PX = 10 - 2QX and PX = 2 + 2QX?
Your task is to take this advice and produce your own recommendation to the President. Do not simply choose one person's advice, but pick and choose from each recommendation that you receive.
Determine GDP,NDP,GNP,NNP,NI,PI,DI,S. Comment on savings magnitude that you have determined.
Suppose the City Council conducts an extensive review and finds that the information provided by the Executive Director of the MTA is more accurate. What action should the City Council take on bus fares and why?
At what level of L does the average product reach its maximum and does the total product curve have a region of increasing marginal returns?
Describe the difference between a movement along the demand curve and a shift in demand and determine what factors cause the supply curve to shift? describe each factor.
You need to hire some new employees to staff your startup venture. You know that potential employees are distributed throughout the population as follows
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