chap_06supply,demandandgovernmentpolicies(曼昆-文庫吧
2025-01-30 20:28 本頁面
【正文】 city, other than bombing.” Rent Control in the Short Run... Quantity of Apartments 0 Rental Price of Apartment Demand Supply Controlled rent Shortage Supply and demand for apartments are relatively inelastic Rent Control in the Long Run... Quantity of Apartments 0 Rental Price of Apartment Demand Supply Controlled rent Shortage Because the supply and demand for apartments are more elastic... … rent control causes a large shortage Price Floors When the government imposes a price floor, two outes are possible. ?The price floor is not binding if set below the equilibrium price. ?The price floor is binding if set above the equilibrium price, leading to a surplus. A Price Floor That Is Not Binding... $3 Quantity of IceCream Cones 0 Price of IceCream Cone 100 Equilibrium quantity Equilibrium price Demand Supply Price floor 2 A Price Floor That Is Binding... $3 Quantity of IceCream Cones 0 Price of IceCream Cone Equilibrium price Demand Supply Price floor $4 120 Quantity supplied 80 Quantity demanded Surplus Harcourt, Inc. items and derived items copyright 169。 2023 by Harcourt, Inc. Effects of a Price Floor ?A price floor prevents supply and demand from moving toward the equilibrium price and quantity. ?When the market price hits the floor, it can fall no further, and the market price equals the floor price. Effects of a Price Floor A binding price floor causes . . . ? a surplus because QS QD. ? nonprice rationing is an alternative mechanism for rationing the good, using discrimination criteria. ?Examples: The minimum wage, Agricultural price supports The Minimum Wage An important example of a price floor is the minimum wage. Minimum wage laws dictate the lowest price possible for labor that any employer may pay. The Minimum Wage Quantity of Labor 0 Wage Equilibrium wage Labor demand Labor supply A Free Labor Market Equilibrium employment Minimum wage The Minimum Wage Quantity of Labor 0 Wage Labor demand Labor supply Quantity supplied Quantity demanded Labor surplus (unemployment) A Labor Market with a Minimum Wage Taxes Governments levy taxes to raise revenue for public projects. What are some potential impacts of taxes? ?Taxes discourage market activity. ?When a good is taxed, the quantity sold is smaller. ?Buyers and sellers share the tax burden. Taxes ?Tax incidence is the study of who bears the burden of a tax. ?Taxes result in a change in market equilibrium. ?Buyers pay more and sellers receive less, regardless of whom the tax is levied on. Impact of a 50162。 Tax Levied on Buyers... Quantity of IceCream Cones 0 Price of IceCream Cone 100 D1 Supply, S1 A tax on buyers
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