Answer:
A price ceiling set at $6 will be binding and will result in a shortage of 8 units.
Explanation:
In order for a price ceiling to be binding, it must be set below the equilibrium price level. In this case, $6 is below the equilibrium price of $10. It will produce a shortage of 8 units because the quantity supplied by producers will be only 6 units, while the quantity demanded by consumers will be 14 units.
Binding price ceilings always produce a deadweight loss which is represented by the area between the demand curve and the supply curve left to the equilibrium price.
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Answer:
b. Jan earned a higher real salary.
Explanation:
The consumer price index rose 12 percent which means that with the same amount of money 5 years later you will be able to buy 12% less goods and services. Now in order to find who earned a higher real salary we will calculate how much higher was Jan's salary compared to SUE. If the difference in salary was more than 12% than Jan earned a higher real salary, if less than 12% then Sue earned a higher real salary and if =12% then both earned the same amount of real salary.
Difference in salary = 38,000-30,000=8,000
Percentage increase in salary = 8,000/30,000=0.266 =26.6%
Jan earned 26.6% more than Sue and the increase in the price index was 12% which means that Jan earned a higher real salary than Sue.
<span>This system uses what is called career-banding. This system identifies employee competencies, reduces the number of job titles and simplifies the management process. It also allows and employee to move within their pay range while allowing managers to have a say in compensation and will hold them accountable to their decisions.</span>
It means that the goods and services are offered are lacking in vitality, force or conviction
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