Which of the following would be the most likely result of a binding price ceiling imposed on the market for rental cars?Select one:O a. slow replacement of old rental cars with newer onesOb. frequent rental programs such as "Rent nine times and the tenth rental is free!"O c. free gasoline given to people as an incentive to a rent a carO d. enhanced maintenance programs to promote the high quality of the carsNext pageIMG_7969.jpegUPEG

Answered: Which of the following would be the…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The minimum wage is set above the equilibrium wage rate. Does the minimum wage create inefficiency? Select one: A. yes B. no C. only if the supply of labor is perfectly inelastic O D. only if the supply of labor is perfectly elastic O E. only if employment exceeds the efficient amount Demand 5 10 15 20 25 30 Quantity (cups per hour) The figure above shows the demand curve for Starbucks latte. In the figure above, the demand is elastic in the range of prices between Select one: O A. $3.50 and $4.50 per cup. B. $1.75 and $2.75 per cup. C. $2.00 and $4.00 per cup. D. $2.50 and $3.50 per cup. O E. $1.00 and $2.00 per cup. Other goods (units per day) 70 60 50 40 30 20 10 PPF Pizza (thousands per day) Marginal benefit and marginal cost (units of other goods per pizza) 20 MC 15 10 MB 4 8 Pizza (thousands per day) 2 4 6. Pizza (thousands per day) The figure above shows the PPF, marginal cost curve, and marginal benefit curve for pizza. In the figure above, when 4,00o pizzas are produced, the…
Suppose that a $20 subsidy is implemented into the market depicted below. Answer the questions that follow. price 100 80 60 40 20 20 40 60 80 100 What is the price that consumers pay after the subsidy is implemented? a. 80 O b. 50 c. 40 d. 60 Supply Demand 120 140 quantity
Price of Good ABC $4 5 6 7 Quantity Demanded 100 80 60 50 Quantity Supplied 40 80 110 160 Refer to Table 4-2. Suppose that the government imposes a price ceiling in the market for good ABC at a price of $4. The result of the price ceiling would be a of units of good ABC. O a shortage: 20 0 b surplus: 60 OC surplus: 20 Od shortage: 60
Only Typing answer I need ASAP Please do it ASAP
3. The demand and supply curves of pens in the city of Nairobi are represented by the following function:- Required: Quantity demanded Qd=20-4p Quantity supplied Qs = -10 + 6p Where p is the price per pen. Calculate the equilibrium price and quantity. Examine the effect of a price ceiling set by the authorities at ii. Shs.2.00/= per pen.
Price $20- 18- 16- 14 12 10 8 6- 4 2- 0 10 20 30 40 50 90 100 Quantity Refer to the Figure 4-3. If the price in this market is currently $14, what would happen? O a. There would be a shortage of 20 units so producers would increase production. O b. There would be a surplus of 20 units and the price would tend to fall. O c. There would be a shortage of 40 units so producers would increase production. O d. There would be a surplus of 40 units and the price would tend to fall.
Label axis and curves. Determine if the situation is a Demand or a Supply and specify which non-price determinants is involved. Illustrate on the graphs: o the new curve, the surplus OR shortage created the new Price at the new E 4. Answer the following scenarios for each of the next Non-Price questions 1 b) The minimum wage in Canada increased to 20$/h. Market of cheap noodles X
6. What would happen to the market if the price ceiling was set above the equilibrium?
There is a price ceiling of $2000. Click on the market price and quantity (assuming the law is strictly followed). tental Price 6000 4000 2000 0 1000 OD E' 2000 QE S 3000 4000 0$ D 5000 6000 Numb Your answer
16) The market for two-bedroom apartments in a city has the onowing supply and acmand schedules: Price 200 400 600 800 1000 1200 1400 1600 1800 QD (thousands) 360 315 270 225 180 135 90 45 0 Qs (thousands) 0 45 90 135 180 225 270 315 360 2000 1800 1600 1400 1200 1000 800 600 400 200 0 O 30 60 90 120 150 180 210 240 270 300 330 360 Ca a. Graph demand and supply. b. What is the equilibrium price and quantity? PE = 460 270000 QE = Calculate Consumer Surplus, Producer Surplus, and Total Surplus. Illustrate CS & PS on the grid above. 036
QUESTION 19 Figure Tyrice 20 18 16 14 12 10 D 4 2 10 20 30 40 50 60 70 80 quantitty Refer to Figure. If the government imposes a price ceiling of $6 on this market, then there will be O a. a shortage of 40 units. O b.no shortage. O C. a shortage of 30 units. o d. a shortage of 20 units.

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