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With the aid of well-labeled diagrams, distinguish between price floors andprice ceilings.
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Explain the circumstances under which price control is considered necessary.
Date posted: February 4, 2019 . Answers (1)
Give the meaning of the term "Price Control"
Using the following demand and supply functions of a commodity x,Qd = 100 - 2PQs = 40 + 4Puse diagrams to illustrate and explain the effects on the values from:1. A fall in price of x's substitute2. A simultaneous increase in input prices and a rise in the consumer's incomeCeteris paribus.
Using the following demand and supply functions of a commodity x, compute the equilibrium price andquantity.Qd = 100 - 2PQs = 40 + 4P
Write short notes on Market Equilibrium.
The table below shows the demand and supply schedules for a product.Required:Plot the demand and supply curves and determine the equilibrium price and quantity
State and briefly explain any four main factors that may cause a fall in the supply of a good in themarket.
Clearly explain the distinction between supply, demand and equilibrium price.
What factors limit consumer sovereignty?
Why is the consumer said to be sovereign?
Using specific examples, explain „Ceteris Paribus‟ as used in economics
Write short notes on Positive and normative economics.
Write short notes on production possibility curve
Write short notes on opportunity cost.
Write short notes on Scarcity and Choice.