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During the late 1980’ and early 1990’s, economic reforms initiated by Soviet President Mikhail Gorbachev began to raise consumer incomes; but the Soviet government continued to impose price ceilings on basic goods like food, clothing and household goods. As a result, there were severe shortages of many goods and longs lines at all kinds of stores became common. Then, in January of 1992, the new Russian government, under President Boris Yeltsin, removed retail price controls on most goods. Within a month, prices more than doubled on the average and lines disappeared. Analyze these events using the supply and demand model. First draw a supply and demand diagram for some common good,; i.e., butter, showing the market in equilibrium before the beginning of Gorbachev’s reforms. Next, use the shifts of appropriate curves to show why the combination of rising incomes plus price ceilings produced shortages and lines. Finally, show what happened when price controls were removed.
with monetary policy for closed, it is hard for authorities to stimulate demand. Interior design does this show that currency-board regime was a mistake.
Illustrate what are the limitation of the equilibrium level of national income determined in Keynesian cross model.
explain how many sodas will the consumer purchase in a typical month. Illustrate what is the elasticity of demand for soda.
Semiconductor chips are used to store information in electronic products, such as personal computers. One of the early leaders in the production of these chips was Texas Instruments (TI).
Elucidate how industry consolidation has impacted the company and make projections about the long-term prospects for the company.
Illustrate what major legislative actions has congress taken As 1993 to reduce size of Federal deficit. Why process is politically painful to Congress.
Illustrate what role does comparative advantage play in trade among member nations
A monopolist faces demand given through: P=100-4Q and has marginal costs given through: MC=10+2Q Create the demand, marginal revenue and marginal cost curves. Compute and demonstrate how much this firm will sell and what it will charge.
Assume Fed expands money supply, however because public expect this Fed action, it simultaneously raises its expectation of cost level. Illustrate what will happen to output and cost level in short run.
Explain how much consumer surplus exists in this market. If a $2.00 excise tax is levied on this good what will happen to equilibrium price and quantity.
The ending of company prepayments balance is expected to be the same as its beginning prepayments balance.
You observe a positive relationship between price that your store charges for CDs and total revenue from CDs. Is demand for your CDs elastic or inelastic.
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