Consider the following statements about the rent control policy and assess their veracity. It is a price ceiling on rents intended to make housing more affordable for the poor. Reduced rent creates a relatively small shortage of housing in the short-run, but a larger shortage in the long-run, because supply and demand are more elastic in the long-run. It is a price floor designed to stimulate construction of large apartment complexes.

Suppose that when income decreases from $800 to $400 a month, the quantity demanded for take outs dinners decreases from good 15 units to 10 meals a month. Which of the following statements can we make given this information? (Use the midpoint method to perform any computations you deemed necessary.)i. The good is a normal good.ii. The good is income inelastic.iii. The good is a necessity good.

Suppose, instead, that the government imposes a $4 tax per Grub Hub delivery. What is the producer surplus in this scenario?

Which of the following statements about the deadweight loss of a tax is/are TRUE?i. It tends to be larger when taxes are larger.ii. It is zero when supply is perfectly inelastic.iii. It is zero when demand is perfectly inelastic.

Consider again the situation in which the government imposes a $4 tax per Grub Hub delivery. What can we say about how consumers and producers share the burden of the tax?

Consider the following two statements and determine whether they are positive or normative. Studies show that an increase in drug education will lower the number of drug users. The government should impose a spend money on drug education in public schools

Questions 1 – 7 are about the market for Cookies. For each of the following situations, determine what happens to the equilibrium quantity, QC, and the equilibrium price, PC, of Cookies.

Two things happen: (1) number of students attending ECON 1101 has increased this year and (2) an improvement in technology has enabled suppliers to produce twice as many Cookies.

Describe why literature review is so important in research.

Detail two PCORI ‘Standards’ for Formulating a Research Question and describe how these standards influenced writing of your problem statement.