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a. one year during the price control period, a poor wheat harvest caused a leftwrd shift in the supply of bread and there fore an increase in the free market price. new York bakers found that the controlled price of bread in New York was below the market price. draw a diagram showing the original situation ( as above , which is "In the late 18th century, the price of bread in New York City was controlled, set at a predetermined price." ), and then show the shift in supply. assume that the predetermined price did not change and the demand for bread did not change.
b.based on the situation in above question, did the price control policy act as a price ceiling or a price floor?
c. what kind of inefficiencies likely occurred during the year described in question a?
Illustrate what range of labor input is marginal product smaller than average product. What is happening to average product as employment increases over this range.
Illustrate which of the following statements are examples of positive economic analysis. Which are examples of normative analysis.
Illustrate what is the demand and supply for labor in the unionized sector. Any surplus migrates to the uncovered sector. What is the new equilibrium wage and labor utilization in that sector.
You were recently hired to replace the manager of the Roller Division at a major conveyor-manufacturing firm, despite the manager's strong external sales record. Roller manufacturing is relatively simple, requiring only labor and a machine that cu..
Illustrate what is the purpose of the foreign exchange markets
Suppose that Glitter Gulch, a gold mining firm, increased its sales revenues on newly mined gold from $10 million to $20 million between one year and the next.
Find the number of physicians to be located in each of the areas if the physicians are income maximizers - Population Index
Discuss the reason why governments might want to intervene and how they might do- with respect to the following "problem" in the functioning of an otherwise perfectly-competitive ("pareto-efficient") economy:
nGDP is $5 trillion in Yr 1 and $5.4 trillion one year later. What is the GDP growth rate? B) If rGDP in Yr 1 was also $5 trillion what can you say about Yr1? C) If rGDP grew 5% between Yr. 1 and Yr. 2 what did GDP prices do?
They produce fewer pounds of choice meat per carcass. More than a third of the animal is ground up into buffalo burger, meat too lean to make good patties.
1. Describe the process by which the market for capital and the market for labor reach equilibrium. What happens to each if demand for the final product were to increase Why 2. Do consumers play a role in perpetuating discrimination in labor market..
Two indicators of economic development include Gross Domestic Product (GDP) and the Human Development Index (HDI). What is the difference between these two ways of measuring levels of economic development Identify an advantage and disadvantage of ..
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