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When the government imposes a binding price ceiling on a competitive market, a shortage of the good arises, and sellers must ration the scarce goods among the large number of potential buyers. When OPEC raises the price of crude oil in world markets and therefore causes gasoline prices to rise significantly, would a government-imposed price ceiling hurt or help the driving public in the US? Provide specific examples to support your answers.
The equation for the demand curve for hotel rooms in Boston is given by P = 5000-0.48Qd. The supply curve is given by P = 0.02Qs. Prices are nightly rates in dollars.
What are some of the reasons that the U.S. has greater degrees of income and wealth inequality than other high-income market capitalist economies?
Steps that a government take to ensure that sustainable development is always considered in assessing which major economic projects or investment proposals to accept
At present, the original manufacturer is deciding either they should continue production of toy truck.
If incomes rise for both low-income and high-income workers, but rise less for the high-income workers.
Why do most governments subsidise high technology industries and tax heavily gasoline? Explain with diagram. What are common resources? Give one examples. Why is whale, but not cow, threatened with extinction?
The income elasticities of demand for movies, dental services, and cloting have been estimated to be +3.4, +1, and +.5, respectively. Interpret these coefficients. What does it mean if an income-elasticity coefficient is negative?
In the post war period, a country could increase the national saving rate and therefore: The depreciation rate in United State is about 4% and population growth rate is 0.9% in 2012 and the technology growth rate is 2.1%. According to the Solow model..
Are salsas and chips complementary or substitute goods.
Marginal revenue product is defined as the change in total revenue that results from the employment of an additional unit of a resource. a widget producer wishes to describe how the addition of pounds of rubber will affect its MRP and profits.
What is the profit maximizing price? a) 810 b) 750
Why does the assumption of independence of risks matter in the examples of insurance. Illustrate what would happen to premiums if the probabilities of house.
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