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a) Between 2009 and 2014, employment in Greater Boston has increased by more than 200,000 units. At the same time, the number of housing units has remained almost unchanged during this period. Draw a supply and demand diagram to explain what happened in the Greater Boston’s housing market during this period. On your diagram show the equilibrium point in 2009 and the equilibrium point in 2014. Label the axes and all the relevant curves.
b) In the same period, the median price of a single-family home in the region increased by 12 percent (faster than inflation). Can your diagram above explain why prices had to increase markedly during this period? Was the supply of housing inelastic or elastic?
In recent decades Americans have increased their purchase of stocks of foreign base companies.
The government in California is increasing minimum wage to $15 dollars and hour, will this cause a surplus or a shortage of workers (labor)? Make sure to include the appropriate Graph and who the potential winners and losers are, as well as provide a..
Because the U.S. postal service is a monopoly and Congress sets postal prices through legislation, market forces do not determine stamp prices. New York City government auctions taxi medallions that give the right to transport passengers by taxi. Bec..
Graph a short run situation where a large-market team has lower profits at its profit maximizing level of attendance than a small-market team has at its profit maximizing level of attendance. In your graph, be sure to identify the profit-maximizing a..
Using neo-classical model of labor-leisure choice to answer the following questions. How does an increase in wage rate change the optimal consumption-leisure combination chosen by the worker? State income effect and substitution effect.
What parts of the external environment ( general, industry, and competitive) do you believe BP considered or didn't consider prior to drilling off the gulf coast? what should the wedding business owners now consider in their external environment?
Examine the factors that can significantly affect our estimate of risk. Outline the role the PM can play to prepare the grounds for a better estimate of risks.
Which of the following is a characteristic of the monopolistic competition market structure?
To illustrate inflation inertia in an aggregate demand–aggregate supply model, the short-run aggregate supply curve shifts upward because of increases in ______, and the aggregate demand curve shifts upward because of increases in ______.
Mr. and Mrs. Ward typically vote oppositely in elections and so their votes “cancel each other out.” They each gain two units of utility from a vote for their positions (and lose two units of utility from a vote against their positions). However, the..
directly to patients, who then would be free to choose their health care providers. Whether or not you agree, can you give an economic rationale for this approach to governmental health care funding?
Consider two firms, 1 and 2, each producing an identical good simultaneously. This good has market demand given by the inverse demand function , where is price, and is market quantity. represents the amount produced by firm . Suppose production cost ..
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