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Choose a country and analyse one of the following actions 1. Ceiling price 2.
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- Use the supply and demand data to complete the table. Price Quantity Demanded Quantity Supplied $5 5000 800 10 4000 1200 15 3000 1600 20 2000 2000 25 1000 2400 30 500 3000 Find the equilibrium price and quantity. The country allows free trade with no restrictions. The free trade price of this good is $10.Use the table below to answer the following questions: Quantity Supplied Price Quantity Demanded 5000 $2 12,000 6000 $4 9500 7000 $6 7000 8000 $8 4500 9000 $10 2000Explain why price controls have resulted in shortages of basic foodstuffs in the shops in Venezuela. Use a demand and supply diagram to support your answer
- Write two drawbacks of price ceilingThe demand and supply for houses (in millions of houses per year) is shown below. If the worldwide price of houses is $350,000, the international housing market would: Quantity Demanded Quantity Supplied Price per Home 350,000 340,000 330,000 320,000 U.S. Residents 10 20 40 60 Rest of World 15 25 45 65 Experience a shortage Experience a surplus Be at equilibrium Worldwide Market Price per Home 350,000 340,000 330.000 320,000 U.S. Residents 30 25 20 15 Rest of Worldwide World Market 40 35 30 25If the US government reduces the tariff on imported coffee will this affect the supply or the demand for coffee
- Describe in your words : Shortage and Surplus Price Floor and Price CeilingFrance Germany Total Market PriceQuantity Quantity Quantity Quantity Quantity Quantity (per litre) Demanded Supplied DemandedSupplied Demanded Supplied 12 11 10 19 8 17 $424 519 615 712 810 99 13 12 14 15 4 16 17 15 6 18 17 Refer to the information above to answer this question. Assume that France and Germany enter into a free trade agreement (and there are no extra transportation costs, etc.) what are the equilibrium price and quantity of wine?Welfare Impact of Price Controls Price G P* Regulated Price A Po F QS Q' QD Quantity
- What is the black market you have personally seen?In your post, tell us one product each which NYC/USA government may impose a price ceiling and price floor on. Give a reason for selecting each product.Use the following supply and demand schedules for skate boards in table 18.1, to answer the questions18(a). to 18(d) below. Table 18.1 Price ($) Quantity Demanded Quantity Supplied 300 60 30 400 55 40 500 50 50 600 45 60 700 40 70 800 35 80 a. In response, to lobbying by the skate board association, the government places a price ceiling st the price of $700 on skate boards. What will this have on the market for skate boards? Explain your answer.b. In response, to lobbying by the skate board association, the government places a price ceiling of $400 on skate boards. Use the information provided in Table 18.1, to plot the supply and demand curve for skate boardsc. Use the information provided in Table 18.1, to plot the price ceiling of $400 on skateboards. d. What will be the result of a price ceiling of $400 on skate boards?