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1. Suppose the government regulates the prices of beef and chicken and sets them below their market clearing levels. Explain why shortages of these goods will develop and what factors will determine the sizes of the shortages. What will happen to the price of pork? Explain briefly.
2. In a discussion of tuition rates, a university official argues that the demand for admission is completely price inelastic. As evidence, she notes that while the university has doubled its tuition (in real terms) over the past 15 years, neither the number nor quality of students applying has decreased. Would you accept this argument? Explain briefly.
(Hint: The official makes an assertion about the demand for admission, but does she actually observe a demand curve? What else could be going on?)
How do markets determine the payments to the various factors of production? How do markets determine the distribution of income?
The Wall Street Journal once reported on dating services, noting that the fees were $300 for men and $250 for women. The owner of the service said the difference in fees was to compensate for inequalities in pay scales for men and women
Estimate the weekly sales for the typical McPablo's outlet and what is theniffent price elasticity for tacos? What is the advertising easnaty - should McPablo's raise its taco pdce? Why or why not?
The graph below shows the aggregate production function of two nations, A and B. Suppose that in 1958 each nation had $100 of physical capital for each worker and in 2008 each nation had $400 of physical capital per worker. Figure: Nations A and B..
What would be the advantages and disadvantages of a regulatory system in which , rather than having the FDA merely published its opinions about the safety and efficiency of drugs and the allowed physicians
Using the Federal Reserve's report (see link below) on Money Stock Measures for June 7, 2012 determine the growth rate of the Seasonally Adjusted M1 Money Supply between January 2011 and January 2012.
Select a product or service you use on a regular basis and discuss how the price you pay for that product or service is the result of a market economy. Discuss how the determination of the price for that same product or service would be set in a c..
Suppose that the president proposes a new law aimed at reducing heath care costs: All Americans are to be required to eat one apple daily.
State the commodity in which each country has absolute advantage amd identify the commodity of comparative advantage for each country
According to theory, if you lower interest rates, business investments and consumer purchases of large durable goods are supposed to increase. In return, this is to help pull us out of a recession. However, this policy of extraordinarily low inter..
Copy the budget line and indifference curve I2 on your answer sheet. Suppose the prices of good X decrease by $2 per unit. Sketch (as accurately as you can) the new budget line in the diagram and indicate the new equilibrium point by drawing an addit..
Curly's Life Insurance Co. is trying to sell you an investment policy that will pay you and your heirs $33,000 per year forever.
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