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Describe the effects of the minimum wage on the workers' surplus, the firms' surplus, and the efficiency of the market for low-skilled workers.
How has the market for cigarettes in New York City responded to the high cigarette taxes?
Show in a graph how a subsidy paid to soybean farmers affects the consumer surplus and the producer surplus from soybeans.
In the market for corn with a price support, discuss why the corn price has risen and ended up being too high to trigger payouts.
Draw a graph of the market for counterfeit DVDs, assuming that there are no effective penalties on either buyers or sellers for breaking the law.
Can protection save jobs and the environment and prevent workers in developing countries from being exploited?
What does the news clip imply about the comparative advantage of producing tires in the United States and China?
What is each traveller's consumer surplus when the price is $4 a kilometre? What is the market consumer surplus when the price is $4 a kilometre?
When the price is $70 a ride, what is each seller's producer surplus? What is the market producer surplus?
Describe the method of allocating seats in these three performances. Why do you think the Stratford Festival Theatre has different reservations policies?
How is the price of natural gas determined? When demand increases, explain the process by which the market adjusts.
Draw a graph of the market for downloadable music with a price of $1.29 for all the latest songs. On your graph, show consumer surplus and producer surplus.
If the pricing scheme described in the news clip were adopted, how would consumer surplus, producer surplus, and the deadweight loss change?
What we need is a system that will be profitable but fair to music lovers. The solution: Price song downloads according to demand.
Would a free world market in water achieve an efficient use of the world's water resources? Explain why or why not.
The winner of the men's and women's tennis singles at the Canadian Open is paid twice as much as the runner-up. Is the compensation arrangement fair?
Who is practising price gouging: the prison, the phone company, or both? Explain. Evaluate the fairness of the prison's commission.
What is the method used to allocate highway space in Canada and what is the method used in Singapore?
If agricultural users paid a higher price, would the allocation of resources be more efficient?
How does the elasticity of demand influence the incidence of a tax, the tax revenue, and the deadweight loss?
How does the elasticity of supply influence the incidence of a tax, the quantity bought, the tax revenue, and the deadweight loss?
How does the imposition of a penalty for possessing an illegal drug influence demand, supply, price, and the quantity of the drug consumed?
How does the imposition of a penalty for selling or possessing an illegal drug influence demand, supply, price, and the quantity of the drug consumed?
What is the price elasticity of demand for air travel over this price range? Describe the demand for air travel.
Calculate the Price elasticity of demand for sushi and Cross elasticity of demand for soy sauce with respect to the price of sushi.