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Question: The 2000-2001 California energy crisis produced brownouts, utility company bankruptcies, and worries about high prices. The California electric power regulatory program imposed price ceilings on electricity sold to consumers. The following exhibit describes the California situation with PS as the price ceiling. Answer the following questions referring to this exhibit.
a. What was the loss imposed on consumers by this price ceiling?
b. What was the loss imposed on producers by this price ceiling?
c. What was the total loss imposed on California by this price ceiling?
d. Using this exhibit, explain the brownouts in California.
e. What would have to be true for consumers to support market set prices? Use the exhibit to explain why there might not be support among consumers for raising prices.
State the equilibruim condition for the individual firm's demand for labour in a perfectly competitive labour market.
What is the difference between MS Access and enterprise-wide databases such as MySQL and Oracle? Also, research the new generation of the database called NoSQL database and explain its advantages over traditional relational databases.
In a 1990 article assessing the 1980's, Time reported that: "The good news is that U.S. gross national product doubled during the 1980s, from $2.7 trillion to $5.3 trillion." The GNP number they refer to is nominal GNP. Why might this news not be as ..
The problem is belongs to Economics and the problem is explore about pricing, particularly belongs to dynamic pricing. In this question, an example of a company using dynamic pricing has been discussed.
Based on your evaluation of the internal resources that are available to the company, how can business project teams be efficiently engaged to obtain the most favorable results for the company?
Assume that Ricardian equivalence holds. What happens to national savings when the government increases the deficit? What happens to private savings?
Suppose hosts A and B have been assigned the same IP address on the same Ethernet, on which ARP is used. B starts up after A. What will happen to A's existing connections? Explain how "self-ARP" (querying the network on start-up for one's own IP a..
Suppose that the banking system has no excess reserves. Calculate the maximum amount of check-writing deposits when bank reserves total $10,000 and the reserve requirement;
Two identical firms face linear demand. Market demand is given by P=30-Q. Compare graphically consumer and producer surplus in Cournot and Stakelberg equilibria to perfect competition.
Answer the following questions: As you know, the US government has been running budget deficits for several years now. In your opinion, and based on economic reasoning, what will happen to the US economy if the US Federal Government continues to r..
$10,000 is exchanged into Swiss francs at an exchange rate of $1 = 2 SF to buy the bonds. How many dollars will the investor have after one year if the exchange rate is then $1 = 1.5 SF?
how the Principle of Opportunity Cost applies to your life
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