ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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What is the difference between a price ceiling and a price floor? Compared to the competitive equilibrium price, where must price ceilings and price floors be set to have an impact on the market. 2 Refer to the figure below and answer the questions that follow: World market U.S. market Suurld Sus 0.40 0.30 0.30 0.20 Dus. Dworld 2 4 8 10 12 Millions of apples per day Millions of apples per day a. At the world price of 30 cents per apple the United States imports million apples per day. b. If a 10-cent-per-apple tax is levied on imported apples, the United States will import million apples per day. Assume that initially there is free trade. If the United States then imposes a 10-cent tax per apple what are the changes that happen in the market? c. 3. Refer to the figure below and answer the questions that follow: 0.55 * 0.50 A 0.45 0.40 Q Number of pencils An example of an effective price ceiling would be government setting the price of pencils at dollars. b. An example of an effective price floor would be the government setting the price of pencils at dollars. List the most common nonprice rationing systems in the market. 5. What are ration coupons and what is their purpose? Provide a historical or current example.
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Transcribed Image Text:What is the difference between a price ceiling and a price floor? Compared to the competitive equilibrium price, where must price ceilings and price floors be set to have an impact on the market. 2 Refer to the figure below and answer the questions that follow: World market U.S. market Suurld Sus 0.40 0.30 0.30 0.20 Dus. Dworld 2 4 8 10 12 Millions of apples per day Millions of apples per day a. At the world price of 30 cents per apple the United States imports million apples per day. b. If a 10-cent-per-apple tax is levied on imported apples, the United States will import million apples per day. Assume that initially there is free trade. If the United States then imposes a 10-cent tax per apple what are the changes that happen in the market? c. 3. Refer to the figure below and answer the questions that follow: 0.55 * 0.50 A 0.45 0.40 Q Number of pencils An example of an effective price ceiling would be government setting the price of pencils at dollars. b. An example of an effective price floor would be the government setting the price of pencils at dollars. List the most common nonprice rationing systems in the market. 5. What are ration coupons and what is their purpose? Provide a historical or current example.
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