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Step 1: Analyze the effect of each scenario on the price of khaki pants.

Consider the following scenarios. Think about how each scenario would affect the price of khaki pants.

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Jean Keeling
Jean KeelingLv2
27 Jun 2019

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Related questions

Step 1: Read the following scenario. Imagine a market where there is perfect competition between two or more companies, such as a fish market where vendors offer the same products at the same price or online ticket auctions like StubHub. In this market there are four key elements to perfect competition: a large number of buyers and sellers no barriers to entry or exit perfect mobility for customers choosing products homogenous products

Step 2: Use the scenario to answer the following questions. In a one-page (250-word) document, answer the following questions using the information provided in the scenario in Step 1: Explain how output, price, and profit are determined in your perfectly competitive market in the long run. How does that lead to efficiency? How could changes in technology affect the market? How could an increase in demand affect the market? What are the effects of new businesses entering the market? What are the effects of businesses leaving the market?

Scenario 1: Assume that the government imposed a price ceiling on gasoline in order to prevent prices from getting too high. What are the economic implications of this action in the gasoline markets? Use graphs as needed and explain your answers thoroughly.

Scenario 2: Assume that the government imposed a price floor on wages (minimum wage) in order to make sure that workers can earn a living wage. Is this a price floor? What are the economic implications of this action in the labor markets? Use graphs as needed and explain your answers thoroughly.

Scenario 3: What are the gains and losses of international trade? What happens when tariffs are imposed, in terms of the importing and exporting countries? Use graphs as needed and explain your answers thoroughly.

Scenario 4: If the government doubled the tax on gasoline, would the tax revenues increase or decrease? Why? Use graphs as needed and explain your answers thoroughly.

Required:


Using the scenarios from above, create an 3-6 page paper in APA format. Submit your paper to the W2: Assignment 1 Dropbox by Wednesday, February 27, 2013.


Create a Microsoft PowerPoint presentation for each scenario, summarizing your paper and consisting of at least one slide per scenario.

Scenario 1: Assume that the government imposed a price ceiling on gasoline in order to prevent prices from getting too high. What are the economic implications of this action in the gasoline markets? Use graphs as needed and explain your answers thoroughly.

Scenario 2: Assume that the government imposed a price floor on wages (minimum wage) in order to make sure that workers can earn a living wage. Is this a price floor? What are the economic implications of this action in the labor markets? Use graphs as needed and explain your answers thoroughly.

Scenario 3: What are the gains and losses of international trade? What happens when tariffs are imposed, in terms of the importing and exporting countries? Use graphs as needed and explain your answers thoroughly.

Scenario 4: If the government doubled the tax on gasoline, would the tax revenues increase or decrease? Why? Use graphs as needed and explain your answers thoroughly.

Required:


Using the scenarios from above, create an 3-6 page paper in APA format. Submit your paper to the W2: Assignment 1 Dropbox by Wednesday, February 27, 2013.


Create a Microsoft PowerPoint presentation for each scenario, summarizing your paper and consisting of at least one slide per scenario.

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