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3 years ago

What is a price ceiling?

Business

2 answers:

Charra [1.4K]3 years ago

6 0

Answer:

A price ceiling is a government- or group-imposed price control, or limit, on how high a price is charged for a product, commodity, or service. Governments use price ceilings to protect consumers from conditions that could make commodities prohibitively expensive.

Sergeu [11.5K]3 years ago

6 0

Answer:

type of price control, usually government mandated

Explanation:

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3 years ago

Assume that bananas cost $0.50 in 2002 and $1 in 2007, whereas pears cost $1 in 2002 and $1.50 in 2007. Suppose that 4 bananas w

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Real GDP [2002] = 5, Real GDP [2007] = 6.5, Nominal GDP [2002] = 5, Nominal GDP [2007] = 11

GDP Deflator = 169, Implicit Inflation rate = 69%

Explanation:

Real GDP is the value of goods & services produced, at base year prices. Current year = 2007, Base year = 2002 here.

2002 : Qb = 4 , Qp = 3 , Pb = 0.5 , Pp = 1

2007 : Qb = 5 , Qp = 4 , Pb = 1 , Pp = 1.5

Real GDP [2002] = Pb(02) Qb(02) + Pp(02) Qp(02)

= (0.5)4 + 1(3) = 2 + 3 = 5

Real GDP [2007] = Pb(02) Qb(07) + Qp(07) Pp(02)

= 0.5 (5) + 1 (4) = 2.5 + 4 = 6.5

Nominal GDP [2002] = Pb(02) Qb(02) + Pp(02) Qp(02)

= (0.5)4 + 1(3) = 2 + 3 = 5

Nominal GDP [2007] = Pb(07) Qb(07) + Pp(07) Qp(07)

= 1 (5) + 1.5 (4) = 5 + 6 = 11

GDP Deflator [currrent year 07] = Nominal GDP (07) / Real GDP (07) x 100

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So, implicit inflation rate is 69%

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