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Consider a market where supply and demand are given by QXS = -14 + PX and QXd = 82 - 2PX. Suppose the government imposes a price floor of $37, and agrees to purchase any and all units consumers do not buy at the floor price of $37 per unit
a. Determine the cost to the government of buying firms’ unsold units.
b. Compute the lost social welfare (deadweight loss) that stems from the $37 price floor.
In theory, “Giffen good” is a good for which the demand curve is upward-sloping, which violates the law of demand. Please provide at least one example as a Giffen good and explain briefly why the demand curve is upward-sloping.
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In the past, some people believed that the Federal Reserve routinely expanded the money supply during presidential election years in order to stimulate the economy and help the incumbent president. For this question, assume that the Fed increases inf..
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As a price searcher, a monopoly firm?
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With the help of a diagram show how home will benefit from trade according to the Ricardian Model. In your diagram, clearly mark the point of production and consumption before and after trade; mark the amount of import or export.
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