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Suppose that the market equilibrium price for a basic medical check-up is $50, in a market in which there is no health insurance. To encourage more people to get a check-up, the local government mandates that the price of a check-up cannot be more than $40. a. Is this a price floor or a price ceiling? b. Draw a graph to illustrate the implementation of the policy. c. What happens to the number of check-ups in the market? Show on your graph. d. What happens to consumer surplus in the market? What happens to producer surplus? Show on your graph.
Assume that in the short-run, wages and prices are flexible enough to adjust, that at full employment, firms and workers are able to negotiate lower nominal wages, which will shift the short run aggregate supply rightward. Also, keep in mind that the..
How much output is lost as a result of deaths from secondhand smoke, according to the news.
The Federal Reserve had to resort to non-standard methods to try to stimulate the economy the last several years in part because:
Assume that you are going to start a small business of your own. Further, imagine that you are able to adequately differentiate your product, or service so that you can establish your business as a monopolistically competitive firm. Describe the busi..
Compute the numerical elasticity of long-run demand. Is it unitary, elastic, inelastic, etc. Explain why would consumers demand 0 minutes in the long run if the price was $.30 per minute.
A project that provides annual cash flows of $11,600 for 9 years costs $64,230 today. If the required return is 5 percent, the NPV for the project is $ and you would (Click to select) accept reject the project. At a discount rate of percent, you woul..
Derive the equation describing labor demand in this economy as a function of the real wage and the capital stock. The economy has 27,000 units of capital and a labor force of 1,000 workers. Assuming that factor prices adjust to equilibrate supply and..
Suppose a wage increase from $19 to $21 an hour increases the number of job applicants from 50 to 64. What is the price elasticity of labor supply?
The concept of "stagflation" which is a term created by mashing together stagnating and inflation that reflects a slowing or stagnant economy and an inflationary environment. From a corporate financial manager perspective, discuss the implications of..
Suppose the government increases both taxes and government purchases by $10,000. Assuming that the marginal propensity to consume is 0.75, calculate the change in private saving, government saving, and total saving. Then draw a graph of the loanable ..
A money market mutual fund ______. Federal Reserve Notes. Early in the US history, tobacco and cotton were used as forms of money know as "country pay". when used, these forms of currency:
Smith Services, Inc., was a corporation solely owned by Tony Smith. Bear, Inc., owned and operated Laker Express, a fueling station in Kentucky. Smith charged fuel to an account at Laker Express and owed approximately $35,000. There was no written ag..
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