Which of the following is an example of a price ceiling and a price floor? _1. A group of oil-producing countries form a cartel and sell oil at above equilibrium price. _2. A consumer advocate group agrees not to patronize a service unless it is sold at a lower price. 3. A young woman realizes she is buying cosmetic products at above equilibrium price. _4. Nobody is allowed to charge more than P65 per bag of corn at the farm gate. Tell whether the following are fixed or variable inputs: _1. Factory space _2. Electric consumption

Which of the following is an example of a price ceiling and a price floor? _1. A group of oil-producing countries form a cartel and sell oil at above equilibrium price. _2. A consumer advocate group agrees not to patronize a service unless it is sold at a lower price. 3. A young woman realizes she is buying cosmetic products at above equilibrium price. _4. Nobody is allowed to charge more than P65 per bag of corn at the farm gate. Tell whether the following are fixed or variable inputs: _1. Factory space _2. Electric consumption

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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I already answered the ff questions but I just want to check if I got it correct. Thank you

Which of the following is an example of a price ceiling and a price floor?
_1. A group of oil-producing countries form a cartel and sell oil at above equilibrium price.
_2. A consumer advocate group agrees not to patronize a service unless it is sold at a lower
price.
_3. A young woman realizes she is buying cosmetic products at above equilibrium price.
_4. Nobody is allowed to charge more than P65 per bag of corn at the farm gate.
Tell whether the following are fixed or variable inputs:
_1. Factory space
_2. Electric consumption
_3. A 30-second TV commercial
_4. Fiberglass mats for manufacturing desks
5. Part-time worker
_6. Heavy equipment
_7. Fuel to run the machine

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