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Consider a market where supply and demand are given by QXS = -12 + PX and QXd = 90 - 2PX. Suppose the government imposes a price floor of $38, and agrees to purchase any and all units consumers do not buy at the floor price of $38 per unit.Compute the lost social welfare (deadweight loss) that stems from the $38 price floor.
Suppose that you observe that total utility rises as more of an item is consumed. What can you say for certain about marginal utility Can you say for sure that it is rising or falling or that it is positive or negative
This assignment focuses on the comparison of perfect competition and monopoly in terms of efficiency and fairness. To complete this assignment you must complete all of the following questions. Microeconomic Problem
A television station is planning the sale of promotional DVDs. It can have DVDs manufactured by one of two suppliers. Supplier A will charge the station a set-up fees of $1,200 plus $2 for each DVD.
Choose either the European Union or the North American Free Trade Arrangement, and answer the given questions based on your choice:
Explain the nature of the deadweight losses that occur from a tariff. What is countervailing duty, why is it needed, and how does it work. What is the difference between a specific tariff and an ad valorem tariff.
How does the standard economic view of rationality relate to the concept of bounded rationality Which seems more realistic What does your answer imply about economic models
Assume that the data describe the condition of the banking system By how much could the banks increase their lending activity?
Based on the assumption that each family spends $100 plus one-half of its total income each week, what is the total weekly consumption spending of a poor family prior to instituting the tax? What is the total weekly consumption spending of a rich ..
Determine what do the laws of supply and demand forecast would be the result of an immediate removal of rent control in terms of price of rental housing and quantity available?
Calculate John's optimal consumption bundle, (X, Y). (Hint: Since John's indif-ference curves are not smooth and \curvy", we cannot use MRS = MRT to solve for the optimal bundle. Draw a diagram to see where the John's optimal bundle must be on his ..
Find the reaction functionB)How much does each firm produceC)compute CS ,PS and the deadweight lossD)if firm 1 and 2 leaders and 3 follower (Stackelberg),What are the quantity choices for all three firms?
The art of economics consists in looking notmerely at the immediate but at the longer effects of any act o rpolicy; it consists in tracing the consequences of that policy notmerely for one group but for all groups.
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