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Chapter 4: Q. c (page 81)
How might California cities alternatively have developed a rationing-by-queues approach using the internet?
Using real-time settlements system
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Why do you suppose that the Venezuelan government has begun to provide individuals with coupons giving them the right to purchase only strictly limited quantities of flour, milk, and toilet paper?
Suppose that in Figure 4-4, the government raises
the floor price of milk above the displayed
\(0.10-per-pound floor price, to \)0.12 per pound.
Will the excess quantity of milk supplied increase
or decrease as a consequence?
Explain the effects of price ceilings
Consider Figure 4-3.Suppose that the government
reduces the ceiling price to\(500 per unit.Would
the shortage at the\)500-per-unit ceiling price be
greater than at the$600-per-unit price ceiling?
In recent years, technological improvements have greatly reduced the costs of producing basic cell phones, and a number of new firms have entered the cell phone industry. At the same time, prices of substitutes for cell phones, such as smartphones and some tablet devices, have declined considerably. Construct a supply and demand diagram of the market for cell phones. Illustrate the impacts of these developments, and evaluate the effects on the market price and equilibrium quantity.
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