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Unit 1 Micro - Assignment Example

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In common, anytime unrestricted market is banned from setting charges in symmetry, supply and demand will not equal, and excesses or deficiencies will transpire. When a price floor is set, the lesser limit on price is beyond that clearing charge, and supply surpasses demand, so…
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Unit 1 Micro
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Unit 1 Micro

Download file to see previous pages... This will occur in any sector of the economy, ranging from rent controlled houses, to basic needs supplies, and to luxurious human wants.
For the duration of President Bush administration, the administration had levied price floors, which market analysts claimed were below the floor. In contrast, they did not produce price ceilings. As the economy operates, price floors alone have the propensity of gratifying the wealthy societal members, and captivating from the poor the petite they have, and at times, taking from the poor what they do not basically have to give (Mankiw 2011). Imposing price ceilings may create shortages, because it may discourage production, because manufacturers won’t be in a position to determine the profit margin they require from given products.
It’s evident that price ceilings and price floors are inter-linked. For government efficient intervention in the economy, it should formulate a plan to impose both price ceilings and floors concurrently. By doing so, both the consumers and producers will be affected, but in a weighted manner such that the general societal members, especially those with low income reaps the benefits.
Government involvement in the economy is way too far. Its fascination with safeguarding health, security and convenience has complicated the workings of the economy. For instance, the directive from government to have all pools in community centers and hotels fortified with lifts to guarantee easy access for the incapacitated has hiked the costs of these lifts to $8,000 to $20,000. This is not good for business, and has predisposed some community centers and hotels to close their pools completely. In another case, New York Mayor Michael Bloomberg has endeavored to ban the sale of soft drinks in servings with a capacity over 16 iotas. He proposes to levy the ban within all city eateries, and in other formations such as movie theatres and sports arenas. ...Download file to see next pagesRead More
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