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Recent increases in rents have caused the citizens of Elmville to vote for a rent ceiling of $1200. Assuming all rental units in Elmville are identical and the supply and demand for rental units are given by
Qs = -1000 + 20P
Qd = 50000 - 10P
What will be the excess demand for apartments once the price ceiling is implemented?
Explain two different markets where has been a market disequilibrium. That is, there is a shortage or a surplus. Briefly explain the supply and demand curve.
Plot the data on a scattergram with the S&P index on the vertical axis and CPI on the horizontal axis.What can you say about the relationship between the two indexes? What does economic theory have to say about this relationship?
The fashion (clothing), consumer electronics, fine fragrance industries are knwon to practice or have practiced resale price maintenance. In each case,indicate the probable motivation for RPM and the likely welfare consequences.
A change in the real money supply can result either from change in the nominal money supply through Federal Reserve policy ( holding the price level constant) or from a change in the price level( holding the nominal money supply constant).
What would happen to the short-run equilibrium price and quantity of magnesium if a major (economically large) magnesium mine had to close due to environmental regulation? Assume the supply is elastic and demand is inelastic.
If the ABC company owns the exclusive rights to mine land in Afghanistan for Lapis Lazuli, a rare stone used in jewelry which is found only in Afghanistan, the company benefits from a barrier to entry.
Identify and discuss the tests used to determine whether a law complies with the equal protection clause What is discovery and what are the methods to obtain this information How does each method work
What is the approximate p-value of this hypothesis and find the confidence interval for the population mean
Travel by bus and travel by subway If the price of one of the goods increases, explain the effect on the quantity demanded of each of the goods. In each pair
What is the formula for calculating the unemployment rate?
Proposals to raise the minimum wage rate are often opposed with the argument that such a move would not only cause an increase in the unemployment rate but would also hurt the very people it is intended to help. Is there any validity to that argum..
The price of Burger King's Whopper hamburger declines and mcDonald's distributes coupons for $1.00 off the purchase of a Big Mac.
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