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Over the past few years there has been much concern about falling housing prices, and some policy makers have argued that the government should put a floor under prices so that they stop falling. Suppose that in a given community, the supply and demand of housing are given by the following equations: S= 100P - 100 D = -50P + 1400, where S is quantity supplied (in thousands), D is quantity demanded (in thousands), and P is the price per home (in tens of thousands). Suppose that the price is currently 15. In what direction would you expect prices to be moving? What are the equilibrium price and quantity? How much money would be spent on housing in this community in equilibrium? (Employ your diagram to help you think about the problem, but use algebra to get your answer.)
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You are the manager of a firm that receives revenues of $50,000 per year from product X and $80,000 per year from product Y. The own price elasticity of demand for product X is -3,
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If income falls below its potential and the income tax rate is reduced, this will: A. raise the passive deficit but reduce the structural deficit. B. raise both the passive and str
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