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A. How do Minimum Wage Laws affect the equilibrium in the Labor Market?
B. For your selected product, if the government places a mandated price ABOVE the equilibrium price, how would this affect the market equilibrium?
C. Would you rather have the forces of demand and supply determine the price of gasoline, or would you prefer a government-mandated price ceiling? What problems would a price ceiling on gasoline bring in this market?
D. In conclusion, there are two different schools of thought on how to lower gasoline prices and reduce U.S. dependence on foreign oil. One is to increase SUPPLY of oil (drilling offshore), and the other is to decrease DEMAND (finding alternatives to oil). Can you graph how these two changes will bring about lower gas prices? Which one do you support?
Conclude a price range where there might be a mutually beneficial insurance contract.
Ted’s utility function characterizing preferences over apples and bananas is U a,b= 4a + 6b^2. . How many apples does Ted demand if Pa= .5 and Pb=1 , and he has $10 to spend?
The total utility for water is higher than the total utility for diamonds. You can explain the diamond-water paradox (that diamonds are expensive but not necessary for survival / not as useful, while water is inexpensive yet necessary for survival / ..
Assume the annual demand for liquor in Mississippi. The supply of liquor is given by the equation Qs= 30,000P. Solve for the equilibrium annual quantity and price of liquor.
If homeowners purchased a $250,000 home with a zero-down, interest-only mortgage, and the value of the home subsequently fell to $200,000, in order to sell the house and move to another city, the homeowners would be required at closing to pay
Compute the output and price of wood working if it is produced under competitive condition without regulation. Determine the socially efficient price and output of woodworking.
After a wage increase, the SE on leisure is -5 and the IE on leisure is 3. Find the TE on labor due to wage increase (if there is enough information provided to determine the answer).
Assuming that price elasticity of demand for this of kind candy is - 1.5, determine if the price CCS charges for its special candy is a profit-maximizing price. If it is not, what price should it charge?
Sally quit her job as a CFO where she was earning $50,000 per year to start her own financial consulting firm. She converts a building that she owns, which was previously rented for $12,000 per year, into an office.
q.a coal-fired power plant can produce electricity at a variable cost of 4 cents per kilowatt hour when running at its
Which is the safer investment, Company A Stock, Company B Stock, or a porfolio containing half of each If you make a lucky prediction about the prices of the stocks of the two companies, will you earn more or less if you invest in that company rat..
Compute the upper and lower limits within which marginal cost may vary without affecting the profit maximizing output or the price.
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