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Assume that books were sold in a perfectly competitive market. In response to consumer complaints about the high price of books, the government imposes a binding (effective) price ceiling.
a. In order to be effective, where must the price ceiling be set?
b. Using standard demand and supply analysis, graphically illustrate the impact of the price ceiling on the number of books purchased.
c. Identify the change in consumer surplus from the price ceiling. (Ignore the possibility of a black market.)
d. Will the price ceiling cause consumer expenditure on books to increase or decrease? Explain
Suppose now that the government reduces (t) and increases (t') so that the government budget constraint continues to hold. What will be the effects on an individual con-sumer's consumptionin present
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Consider the following sequential ZSG. First, nature chooses heads or tails, each with probability one-half. Player 1 then sees nature’s choice, and chooses heads or tails. If player 2’s choice matches nature’s choice, player 2 wins a dollar from pla..
q.some economists have suggested that the best way to control medical costs is to remove the profit incentive for
Find unemployment rate and show HOW:
Which of the following affects demand for money?
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An economic system, in which economic decisions are controlled by the internal interaction of supply and demand, is known as a Illustrate what.
Decrease in demand is represented by a
John lives for three periods. He is currently considering two alternative education-work options. Alternative 1: he can start working immediately, earning $100,000 in period 1, $110,000 in period 2, and $120,000 in period 3
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