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One year during this period a poor harvest had a negative impact on supply of bread and the supply curve shifted resulting in an increase in market price. New York bakers found that the controlled price of bread in New York was below the new market price.
Draw a diagram showing the effect of the price control during this one year period. Did the price control policy worked as a price ceiling or price floor in this new scenario?
What inefficiencies could arise in this time period?
Briefly explain the calculation of The Unemployment Rate for the U.S. economy. How is the data collected to compute the Unemployment rate?What is the ultimate cause of severe inflation in an economy?
This is a self-reflection paper developed based on the classroom discussion around minimum wage. Explain the effect minimum wage has on the economy. List and describe both the pros and cons of the more recent increases in the federal minimum wage...
Draw a graph showing the optimal size of the park and briefly explain why a park of 2 acres is not optimal
David is horrified to see that the value of his favorite beverage has raised. Determine which of the following would unequivocally be responsible for this value raise?
What is the expected value and variance of the number of defective chips and what is the probability that they discover exactly 9 defective chips in this test?
Among the 4 principal market structure models, monopoly and oligopoly offer best opportunities for the firm to earn economic profits in the long run. What are some strategies for firm which is earning economic profits to legally sustain them over ..
Oligopoly, Monopolistic Competition,and the Factors of Production - Cooperation between the two prisoners in the prisoners' dilemmagame is difficult to maintain
What are the consequences for farm output as a result of this guaranteed price and what does the term "equilibrium" mean in the context of a market economy?
Ajax, Inc. has appointed you to examine the demand for its line of telecommunications devices in 35 different market areas.
Assume also that South Africa is a net importer of maize and imports maize mostly from the US. The FOB at US Gulf port is US$350 per tonne (1 tonne =1000 kg). Assume freight, insurance and unloading (FIU) cost at Durban is 150 Rands per tonne.
Describe how the market for Alaskan king crab will be affected if, at the same time that medical reports confirm that suspected health benefits from consumption of Alaskan king crab meat, wages are increased for trawler men
A monopolist supplies to a market with (inverse) demand given by D(Q) = 100 ? Q. The monopolist has constant marginal cost c = 2. Compute the monopolists profit-maximizing supply choice and the corresponding mark-up over marginal cost.
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