(a) Consider the exercise in Question 1(b). The government now declares that steak burger meals in...

(a) Consider the exercise in Question 1(b). The government now declares that steak burger meals in that locality should sell for $5.00. Given the correct answers in Question 1(b), would this represent a price ceiling or a price floor? Explain. Further, determine what would be the quantity of shortage or surplus that would exist in this market, and be explicit whether it is a surplus or a shortage and explain why. (4 pts)

(b) Given the readings you looked at on price controls, what other problems typically arise beside shortages or surpluses, when price controls are put in place within well- functioning markets? (2 pts)

Expert Solution

Rahul Sunny answered 2 years ago

Question 1 Consider the demand for more expensive restaurant meals (a normal good) in a given...

Question 1 Consider the demand for more expensive restaurant meals (a normal good) in a given city. For each of the following, ceteris paribus (holding all else equal), will there be a shift in the demand curve, or a change in the quantity demanded? Is the change an increase or a decrease? Explain your answer briefly. The income tax rates (across all income brackets) rise in the economy. The economy enters a recession, and unemployment rises in the city. The...

The country in question is Brazil. Now consider the possibility of applying tariffs to one...

The country in question is Brazil. Now consider the possibility of applying tariffs to one of the goods or services imported from the partner country to the U.S. and analyze the perspectives of different groups in the U.S. by answering the following: Which good or service have you chosen to consider? What impact would a tariff on this good or service have on the production possibility curve in the U.S.? On Gross Domestic Product (GDP) in the U.S.? On...

Statsitics question This exercise resembles the preceding exercise. The variables in this case are: 1) the...

Statsitics question This exercise resembles the preceding exercise. The variables in this case are: 1) the gender of automobile drivers, 2) whether they have driven "many" miles in their lives or "few" miles, and 3) whether they have had "many" accidents or "few" accidents. You are to use the elaboration model to test fully the following hypothesis about the impact of gender on number of automobile accidents: Hypothesis: Men have more automobile accidents than do women. In testing this hypothesis,...

b) Now the opposite question: in general, when is it better to allocate an object dynamically...

b) Now the opposite question: in general, when is it better to allocate an object dynamically on the heap (as opposed to the statically on the stack)? Give an example of a programming scenario where an object should certainly be heap-allocated.

Consider the same football situation as in the previous question, but now suppose the payoffs (probabilities...

Consider the same football situation as in the previous question, but now suppose the payoffs (probabilities of winning) are as given in the following normal form: Defense Defend Pass Defend Run Offense Pass 0.2, 0.8 0.3, 0.7 Run 0.5, 0.5 0.4, 0.6 Do any of the teams (the one playing defense or the one playing offense) has a dominant strategy? Which one? Explain why.

Question 1 Consider the two assets A and B for which returns (%) under different conditions...

Question 1 Consider the two assets A and B for which returns (%) under different conditions of economy are given as below. Returns (%) State of the Economy Probability Stock A Stock B Recession 0.1 -18 -10 Above Average 0.2 -4 2 Average 0.4 12 8 Below Average 0.2 24 12 Boom 0.1 30 18 Find the expected return of each asset Find the risk (as measured by standard deviation of return) of each asset If an investor decides to...

Question 1 Consider the population of history scores for a class comprising 5 students A, B,...

Question 1 Consider the population of history scores for a class comprising 5 students A, B, C, D and, E. The marks are as follows: Student A B C D E Score 70 78 80 80 95 (a) List the 10 possible samples of 3 from the 5 students, A, B, C, D and E. (b) Find the sample mean for each of the 10 samples. (c) Find the mean...

Consider the matrix B =          −1 1...

Consider the matrix B =          −1 1 1 2 −1 1 0 3 −2 2 1 −4           (a) Find ||B||F. (b) It can be shown (See Saito, Lecture Notes, 5.7) that the 1-norm of a matrix A ∈ Rm×n can be written as ||A||1 = max 1≤j≤n||aj||1 whereaj is the jth column of A. Find||B||1. (c) Find ||B||2. (d) It can...

THIS QUESTION IS BASED UPON JAVA PROGRAMMING. Exercise 1 In this exercise, you will add a...

THIS QUESTION IS BASED UPON JAVA PROGRAMMING. Exercise 1 In this exercise, you will add a method swapNodes to SinglyLinkedList class. This method should swap two nodes node1 and node2 (and not just their contents) given references only to node1 and node2. The new method should check if node1 and node2 are the same nodes, etc. Write the main method to test the swapNodes method. Hint: You may need to traverse the list. Exercise 2 In this exercise, you will...

Consider an economy which consists of three firms, A, B, and C, consumers, and a government.

Consider an economy which consists of three firms, A, B, and C, consumers, and a government. Firm A is a smart phone factory, while Firm B is a parts factory. Firm C is a smart phone retailer. In 2020, Firm B produces $250,000 worth of parts, of which $150,000 it sells to Firm A, and $40,000 to Firm C. In addition Firm B sells $30,000 worth of parts to the government, and $30,000 worth of parts it exports. Firm B...

Question