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bezimeni [28]
1 year ago
10

If buyers in this market have to wait in line to purchase this good after a $1 price ceiling is imposed, each buyer purchases on

ly one unit of the good, and buyers in the market value their time at $8 per hour, how long will the wait have to be per remaining customer to clear the market
Business
1 answer:
Sophie [7]1 year ago
3 0

The waiting time will be 30 minutes because 30 minutes at $8 per hour adds $4 to the price. Therefore, making the full price equal to $5 for each buyer clears the market.

<h3>What is the price ceiling?</h3>

A price ceiling is a price control mechanism by the government to intervene in the market forces of demand and supply by setting a maximum price.

While price ceilings are imposed to make prices low for consumers, it may cause shortages in the quantities supplied.

Thus, the waiting time will be 30 minutes because 30 minutes at $8 per hour adds $4 to the price.

Learn more about price ceilings at brainly.com/question/4120465

#SPJ12

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The correct answer is: regulatory review, Executive Office of the President

Explanation:

In the US this refers to the processes used by Congress, the president and the courts to oversee the rules, regulations and other policies issued by federal agencies. The regulatory review may involve an examination of the content or effect of a rule, its estimated economic costs and benefits, or the adherence of the rule and the regulatory agency to the procedural requirements. The retrospective regulatory review, a type of regulatory review, is used to determine whether existing regulations should be retained, modified or repealed.

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3 years ago
Paula owns a variety store in a tourist town. The store recently went online, and the response has been remarkable. The store’s
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a) Add another server to their infrastructure.

Explanation:

Cloud computing service provides for access of various private or public clouds so that the storage of the information is sorted and there is no problem in storing such data and information.

Other than storage there are other services like, security and outside programming are also provided.

But in the given instance if the server is getting loaded with the data, and it can be solved by adding another server and that will maintain the privacy and security of data.

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8 0
3 years ago
After a tax is imposed on the market for bottled water, the price buyers pay is $2.50 per bottle and the price sellers receive i
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The balance of the price in the market is determined by demand and supply, which are measured in terms of the price and quantity variables; When a tax is placed on a product, a change in the market equilibrium is generated, since buyers pay more and sellers receive less.

Thus, a tax causes the supply curve to move up and the demand curve to move down.

In order to know how the tax burden is distributed, the incidence is measured through the elasticity of the supply and demand curve, which measures the sensitivity of the quantity, demanded or offered, of products before a price change.

When the supply curve is more elastic than the demand curve, the impact of the tax is stronger for consumers, as the prices paid by consumers increase more than the price that sellers receive decreases.

Answer

It can be concluded about the elasticity of demand and supply prices that <em>supply is more elastic than demand</em>

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3 years ago
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The price elasticity is the ratio of change in quantity to change in price. The price elasticity can be different for different points on the demand curve.

The points on the lower parts are more inelastic while the points on the upper portion are more elastic. The midpoint represents unit price elasticity.

Since the upper portion is more price elastic, an increase in price will cause a more than proportionate decrease in the quantity demanded. This will cause the total revenue to decrease.

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