What are the economics of price controls (fee schedules, premiums tied to cost of living, prescription price ceilings)? Under what circumstances do they accomplish their intended purpose and when do they fail
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What are the economics of price controls (fee schedules, premiums tied to cost of living, prescription
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- How would the equilibrium quantity and price of smartphones be altered if the prices of their electronic components increase, and labor costs to produce them rise, while alternative communication methods become more accessible and user-friendly? (A) Quantity will fall, and the effect on price is ambiguous. (B) Price will fall, and the effect on quantity is ambiguous. (C) Quantity will rise, and the effect on price is ambiguous. (D) Price will rise, and the effect on quantity is ambiguous.Question: In terms of economics, why would American soybean producers care about the weather in South America?PRICE QUANTITY(QS) 1 0 2 3 3 4 4 5 5 6 Plot the supply curve from the supply schedule information provided.. (a) What can you explain from the graph? (b) Can you identify any determinants? (c) What happens if price changes? (d) What happens if other determinants change?
- 23. Suppose that demand in a market increases due to larger number of buyers and a technological advancement occurs also. What would we expect to happen in the market? (a) Equilibrium quantity would increase, but the impact on equilibrium price would be indeterminate. (b) The equilibrium price would decrease, but the impact on the amount sold in the market would be indeterminate. (c) Both equilibrium price and equilibrium quantity would increase. (d) The equilibrium price would increase but the impact on the amount sold in the market would be indeterminate.Price per Ice-cream (Rs.) Demand for Ice cream (Qd) Supply for Ice cream (Qs) 140 500 1500 120 750 1200 100 1000 1000 80 1250 750 60 1500 600 40 1750 300 (1) What is the maximum price that consumer is willing to pay for 1500 bottles? (2) What is the minimum price that producer is willing to accept for 1500 bottles?QUESTION 39 What is an internal cost of driving a domestic car? a. Health costs b. Highway accidents c. Hazardous wastes produced by car exhaust d. Air pollution and litter e. Cost of materials used in manufacture
- 25. What will happen to the price and quantity of footballs as a result of an increase in the price of leather used to make footballs? (A) Price will increase, and quantity will increase. (B) Price will increase, and quantity will decrease. (C) Price will decrease, and quantity will increase. (D) Price will decrease, and quantity will decrease. Price will not change, and quantity will not change. (E)Quantity Price (Dollars per cell phone) 200 (Cell phones per year) 50 45 250 300 350 40 35 400 30 a. What happens to total revenue if the price falls from $400 to $350 a phone and from $350 to $300 a phone? b. At what price is total revenue at a maximum?Question 1 Consider the market for minivans. Indicate the impact if any on demand, supply, price and quantity: (a) People decide to have more children. (b) A strike by steelworkers raises steel prices. (c) Engineers develop new automated machinery for the production of minivans. (d) The price of station wagons rises. (e) A stock-market crash lowers people’s wealth
- Need help with homework - economic questions (supply/demand) (b) Consider the market for electric cars. The Government of Canada announces that consumers who purchase electric cars manufactured after 2020 are entitled to a taxrebate of$5,000. How does this affect the market for electric cars? Explain using a diagram. (c) In 1904, Standard Oil Company controlled 91 percent of American oil production.Standard’s concentration of market power alarmed many politicians and common citi-zens. In 1911, the U.S. Supreme Court ruled that Standard had violated the Sherman Antitrust Act, and ordered the corporation to break up into smaller companies. Be-cause of this, Standard Oil’s market share dropped from 91 percent to 64 percent of oilproduction. How does this affect the market for oil. Explain using a diagram.(Minimum wage) Assume that the (equilibrium) wage in the labor market for (A) low skilled workers is $10/hour. The government's goal is to help low-paid families. Is a minimum wage of $15/hour likely to better achieve the government's goal if the demand for labor is elastic (flatter) or if it is inelastic (steeper)? Provide diagram(s) to support your answer.PART A: Several years ago, hurricane Gilbert destroyed thousands of acres of banana in Jamaica. Farmers whose crops were destroyed by the hurricane were much worse off, but farmers whose crops were not destroyed benefited from the hurricane. Why did this occur? What information wor helped by the floods?ould you need about the market for bananas in order to assess whether farmers as a group were hurt