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Price ceiling sets a maximum legal price that a seller may charge, typically placed below equilibrium. What do you think of a government placing a price ceiling the next time gasoline prices rise a
So that only 2 workers can move there from Home. Calculate how the movement of these two workers affects the income of five different groups.
Initially, there are 11 workers employed in Home, but only 3 workers in Foreign. Find the effect of free movement of labor from Home to Foreign on employment, production, real wages, and the income
How do you think the government should regulate logging on publicly owned lands? Should similar regulations apply to privately owned land?
Explain why such a strategy may not be credible unless the Federal Reserve has sufficient independence from the government to credibly commit to a low inflation target.
Calculate the tax optimal tax rates if the government must raise $50 in revenues. You can use the compensated demand curves as also representing the normal demand curves in this question.
Demonstrate using a consumer's diagram (budget constraints and indifference curves) that a tax on barley that leaves each consumer buying the same amount of barley as before can still create an exce
What would that do to your consumption this year? Would you spend more, or less. In your answer, discuss the income and substitution effects of the program.
What would that do to your labor supply? Discuss what the substitution effect will be of the new invention, and what that will do to your decision to work.
Depreciation on his boat and other equipment, as calculated using IRS rules, was $15,000. What was John's profit as would be calculated by an accountant.
Illustrate how the following variables would change as the U.S. transitions to its new balanced growth path: capital, output, and consumption.
Discuss three leading families whose wealth arose at least partly from monopoly. Is their wealth still important? Discuss the values that are provided by competition itself.
What evidence helps you to make these judgements? Explain the replacement effect, which may cause monopoly firms to innovate less rapidly.
Explain why under normal conditions of time-cost trade-offs and benefit curves, a dominant firm will usually lean toward imitating rather than innovating.
This causes the equilibrium price of shavers to fall from $30 to $22 and the equilibrium quantity to increase from 40 to 50 shavers. What is the coefficient of price elasticity of demand (Ed) for sh
What is the natural rate of unemployment for this economy? What is the growth rate of output? What is the growth rate of the money supply?
Find a recent article that covers fiscal policies of your own country or another country. Discuss the following questions: What is the policy issue and what is involved in its implementation?
Whenever the ratio of marginal products to input prices differs across inputs, The marginal products of inputs will adjust as input combinations change to correct for the inefficiency.
What happens to output, Y, and consumption, C? What happens to investment, I? What happens over time to the stock of capital, K?
What are the effects on the price level, P, and the nominal interest rate, i, when a credible announcement that the money growth rate, u, will rise beginning one year in the future?
Do they do more harm than good? Do you feel there is an excessive amount of regulation in our economy in general? Why or why not?
What would happen if instead a policy was instituted that reduced barriers to entry in the hospital sector and therefore made the market more competitive?
Which repair shop is likely to provide costly needless repairs to your car, and why? Which one may underprovide quality? In your answers, discuss the concepts of prospective and retrospective paymen
How can any firm find the right production level which guarantees maximum profit (or minimum loss)? Firms continue to produce up until the quantity at which the revenue.