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Topic: Price Controls and Consumer Surplus
consider the following questions related to the articles from The Economist:
1.) Are price controls good or bad? (See Venezuela's experience with food and China's taxi problem.)
2.) What do price controls have to do with basketball? (Hint: Lebron can't be stopped by a mere price ceiling!)
3.) What is the consumer surplus of the internet?
consider further questions such as:-
• what the heck is consumer surplus? • Can consumer surplus ever be negative? • Is consumer surplus cooler, less cool, or just as cool as producer surplus?• What about Lebron's producer surplus? • Is it being unfairly limited?
What would a strict deontologist do? Why? To whom or to what is your duty? This is not an easy question...but it is also what makes duty ethics so much fun!
Economists are in almost globally agreement that Free Trade is good for all countries. Why are they in such universal agreement.
If money demand for speculative purpose is$ 5000 and money demanded for transaction motive is $ 40 000. if money demanded for speculative purpose increases by $ 5000, what is the new total demand for money using Keynesian Theory of Money Demand.
Illustrate what would be a monetary policy prescription to reduce or eliminate deflation.
In economics, we usually assume that the manager's goal is to: Answer Maximize the firm's sales. Minimize the firm's costs. Maximize the firm's profit. Maximize the firm's stock price.
What is the marginal profit and total profit of a wage that is equal to $80 and an output that is equal to $3?- provide with the MRP-W labor market diagram
U.S. Treasury securities are auctioned in competitive bidding under rules that are very similar to a Vickrey auction. What is the advantage to the U.S. Treasury of using this type of auction?
Is it possible for the gross federal debt to rise in dollar terms but decline as a percentage of GDP? Explain your answer.
Sp represents personal savings. This money does not go into the economy. So why is it counted in this formula?
a. Write an exponential function to model this situation using the formula A = P(1 + r)^t. Is it growth or decay? b. If he hasn't withdrawn any money, how much is in the account when he retires?
Julie consumes food (F) and clothing (C) with a utility function of U(F,C) = FC. PF= 1 and PC=2. Julie has a total of $12 to spend on food and clothing. For all graphs, put food on the x-axis and clothing on the y-axis. a) What is Julie's margi..
What is the inflation rate in Home? In Foreign? What is the rate of change in the nominal exchange rate? Which currency is expected to appreciate? At what rate? Explain.
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