Topic 5 – Demand‚ Supply and government policy (Week five Oct 6th – Oct 13th) Outline: 1. Price Ceiling: -- General Analysis; -- Example: Rent Control; 2. Price Floor: -- General Analysis; -- Example: minimum wage law; 3. The Incidence of Sales Tax -- Key Results; -- Numerical Examples: a)Tax levied on sellers; b)Tax levied on buyers; -- Elasticities of demand and supply; Price Ceiling A legal maximum on the price at which a good can be sold 1) General Analysis Price 12 PE 8 Shortage 16 QE
Premium Supply and demand Minimum wage
using themselves as experimental laboratories for strange drug combinations that no scientist ever thought of‚” (Winters 62). Overall‚ today’s rate of drug abuse in teenagers has dropped‚ but the nonmedical use of prescription medication has drastically increased (Chapter 4). Kids around the world are turning away from street drugs‚ to abuse prescription medication that can be found right at home. Prescription drug abuse is using prescription medication prescribed by a doctor‚ for nonmedical reasons
Premium Drug addiction Pharmacology Addiction
Now‚ imagine that one of those very advancements has corrupted that society‚ sending it plunging into chaos; this is prescription drug abuse. Prescription drug abuse has affected and scrutinized the very lives of millions of Americans‚ escalating it from the crisis it has become‚ into the sovereign epidemic that will reap the well-being and structure of our society that we live in. How has this come to be? Withdrawal has enormous an influence when you’ve turned to be physically subjected to medications
Premium Drug addiction Addiction Medicine
Demand and supply analysis of gold Gold is a precious metal which holds great value. It is yellowish in colour and it is used in making jewels and other valuable assets. It represents a store of wealth and economic strength to the world and is a strong force in international monetary command. Gold is the “backbone of all economies” (Baber et al.‚ 2015‚ p. 1). The investment role of gold has become significant in recent times after the 2008 financial crisis. The gold possesses strong‚ imperishable
Premium Economics Gold United States
Consumers are assumed to be able measure utility in terms of a ‘util’. However‚ we cannot find the total utility by using this method. So we can use another way which is by ranking the product. We can say that the consumer is preferred good Y compared to good X. the indifference curve is a curve that shows consumption bundles that give the consumer the same level of satisfaction. So this means that the consumer is satisfied at any point if the indifference curves above. The slope of the indifference curves
Premium Supply and demand Consumer theory
Introduction –Demand supply and market equilibrium • It is the belief of many that the principles of demand and supply is very important to microeconomics. • However‚ the concepts that underline these principles are often confused. This presentation will outline the core principles behind these concepts. Demand • Demand can be defined as : the want or desire to possess a good or service with the necessary goods‚ services‚ or financial instruments necessary to make a legal transaction for those
Premium Supply and demand
Inflation is the increase in the general level of prices for goods and services. The overall “price level” in this particular situation inflated; increased. You can construct a measure of the “change in the price level” by looking at the price of the goods each month over the course of the entire year. Take all the data and graph it to determine any trends. The low catch of fish means there is a low supply of fish and therefore the demand increases which accounts for the increase in price. The additional
Premium Supply and demand Inflation
1. Suppose that the international market for beef is in equilibrium. Describe in a written sentence how the following change to a determinant of supply and/or demand will affect the equilibrium price and quantity. Illustrate each answer with a supply-and-demand diagram depicting the shift(s) and the resulting effect on price and quantity a. Outbreak of mad cow disease kills off much of the cattle stock. b. The price of chicken‚ a substitute‚ declines sharply. c.
Premium Supply and demand
constantly recognize the latent functions of the drug that is design to help them‚ and use the drugs as ploys in order to make extra money or experience some type of high. Substances that have alternative uses should be tracked or carefully watched in order to confirm that the potent drug is being used as it originally designed. Individual states have limitations and different laws concerning drugs‚ which increases the difficulty in ceasing the product of its secondary use. Some states have views contrasting
Premium Drugs United States Federal government of the United States
Abstract Drugs some use them to escape pain‚ others use them for pleasure‚ and some use them to just fit in. Either way drugs are a harmful substance that may seriously affect the body. Drugs mess with the brain in ways that we couldn’t even imagine. From destroying brain cells that help with critical thinking to destroying cells that give us the ability to feel pleasure. Drugs take the place of our natural body functions of the body. They fool receptors of the body and make it to where
Premium Cerebral cortex Brain Neuron