What are the economic implications of action

Assignment Help Microeconomics

Reference no: EM13796284

You are given the following scenarios for consideration:

Scenario 1: Assume that the government imposed a price ceiling on gasoline in order to prevent prices from getting too high. What are the economic implications of this action in the gasoline markets? Use graphs as needed and explain your answers thoroughly.

Scenario 2: Assume that the government imposed a price floor on wages (minimum wage) in order to make sure that workers can earn a living wage. Is this a price floor? What are the economic implications of this action in the labor markets? Use graphs as needed and explain your answers thoroughly.

Scenario 3: What are the gains and losses of international trade? What happens when tariffs are imposed, in terms of the importing and exporting countries? Use graphs as needed and explain your answers thoroughly.

Scenario 4: If the government doubled the tax on gasoline, would the tax revenues increase or decrease? Why? Use graphs as needed and explain your answers thoroughly.

Reference no: EM13796284

Questions Cloud

What are the areas of opportunity or benefit : What are the areas of opportunity/benefit

Vulnerability to natural hazards : In a policy proposal of 750-1,000 words, explain how your city could reduce the city's vulnerability to natural hazards. Provide at least 1 recommendation for improving the city's protective measures for critical infrastructure.

Define traditional management structures : Contrast the mindset of management under total quality and more traditional management structures with respect to employees, manufacturing, and leadership.

Problems based on nyquist sampling theorem : What is the definition of "Nyquist rate"? What is the "Nyquist sampling theorem"? Plot the signal ??(??) = sin(4????).

What are the economic implications of action : What are the economic implications of action in the gasoline markets? Use graphs as needed and explain your answers thoroughly.

Case that have been discussed in supreme court : You have to find a journal artcicle or book that have a case that have been discussed in supreme court. The topic is immigrarion and race.

Conclude why an externality might exist in the situation : Identify and discuss three externalities, which can either be positive or negative - determine the solutions to mitigate these particular externalities.

What should the theoretical slope of your line : Is the shape of your graph in agreement with Newton's second law? Why or why not? What should the theoretical slope of your line be? Calculate the percent error for your slope value

Compliance with us export regulations : Identify two items that could fall under the category of dual use items.

User Account

All Pages