Maximum prices
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The document discusses various types of maximum prices or price caps that governments and regulators impose, including caps on housing rents, energy prices, CEO pay, mobile roaming charges, water prices, payday loan interest rates, and pension charges. It analyzes the effects of price caps using supply and demand diagrams, noting they may lead to shortages and black markets. The document also evaluates the merits and drawbacks of price caps in different markets, such as increasing fairness but also potentially reducing investment if profits fall.
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Maximum & Minimum prices content slideshow. Designed for the Economic A level qualification. Can be used in revision and in class.
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Maximum Prices
Minimum Prices
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Alternatives to Maximum & Minimum Prices
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Maximum prices
The document discusses various types of maximum prices or price caps that governments may implement, including caps on housing rents, energy prices, CEO pay, mobile roaming charges, and interest rates charged by payday lenders. It analyzes the effects of price caps using supply and demand diagrams, noting they may result in shortages if set below the market equilibrium price. Price caps also risk unofficial "black market" prices emerging above the capped level. The document evaluates price caps in different markets, outlines potential benefits in terms of consumer welfare but also downsides like reduced profits and investment.
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Public goods are characterized by non-excludability, meaning it is impossible to prevent people who have not paid from consuming them, and non-rivalry, meaning that one person's consumption does not reduce availability to others. Examples include national defense, street lighting, flood defenses. Public goods cause market failure as it is difficult to charge people for their provision or exclude non-payers. While governments often provide public goods, technological advances are blurring the distinction between public and private goods in some cases.
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Trade policies how government make decisions MBA 681 Ec.docx
Trade policies: how government
make decisions
MBA 681 Economics for Strategic Decisions
Prepared by Yun Wang
Copyright © 2018, 2015, 2012 Pearson Education, Inc. All Rights Reserved
Outline
1. Partial equilibrium analysis of tariffs in a single industry:
supply, demand, and trade
2. Costs and benefits of tariffs
3. Export subsidies
4. Import quotas
5. Voluntary export restraints
6. Local content requirements
Copyright © 2018, 2015, 2012 Pearson Education, Inc. All Rights Reserved
Types of Tariffs
• A tariff is a tax levied when a good is imported.
• A specific tariff is levied as a fixed charge for each unit of
imported goods.
– For example, $3 per barrel of oil.
• An ad valorem tariff is levied as a fraction of the value of
imported goods.
– For example, 25% tariff on the value of imported trucks.
Copyright © 2018, 2015, 2012 Pearson Education, Inc. All Rights Reserved
Supply, Demand, and Trade in a Single
Industry (1 of 4)
• Consider how a tariff affects a single market, say that of
wheat.
• Suppose that in the absence of trade the price of wheat is
higher in Home than it is in Foreign.
• With trade, wheat will be shipped from Foreign to Home
until the price difference is eliminated.
Copyright © 2018, 2015, 2012 Pearson Education, Inc. All Rights Reserved
Supply, Demand, and Trade in a Single
Industry (2 of 4)
• An import demand curve is the difference between the
quantity that Home consumers demand minus the quantity
that Home producers supply, at each price.
• The Home import demand curve
MD = D − S
intercepts the price axis at PA and is downward sloping:
– As price increases, the quantity of imports demanded
declines.
Copyright © 2018, 2015, 2012 Pearson Education, Inc. All Rights Reserved
Figure 1 Deriving Home’s Import
Demand Curve
As the price of the good increases, Home consumers demand
less, while Home producers supply more, so that the demand for
imports declines.
Copyright © 2018, 2015, 2012 Pearson Education, Inc. All Rights Reserved
Supply, Demand, and Trade in a Single
Industry (3 of 4)
• An export supply curve is the difference between the
quantity that Foreign producers supply minus the
quantity that Foreign consumers demand, at each price.
• The Foreign export supply curve
XS S D
intersects the price axis at AP and is upward sloping:
– As price increases, the quantity of exports
supplied rises.
Copyright © 2018, 2015, 2012 Pearson Education, Inc. All Rights Reserved
Figure 2 Deriving Foreign’s Export
Supply Curve
As the price of the good rises, Foreign producers supply more
while Foreign consumers demand less, so that the supply
available for export rises.
Copyright © 2018, 2015, 2012 Pearson Education, Inc. All Rights Reserved
Supply, Demand, and Trade in a Single
Industry (4 of 4)
• In equilibrium,
import demand = export supply,
home demand − home supply = foreign supply − foreign demand,
home demand + foreign demand = home sup ...
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Chapter 2
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Chapter 3
Surveying: Object Principles & Types of Surveying; Site Plans, Plans & Maps; Scales & Unit of different Measurements.
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Chapter 5
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Chapter 6
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Philippine Edukasyong Pantahanan at Pangkabuhayan (EPP) Curriculum
Maximum prices
- 1. Maximum Prices EdExcel Economics 1.4.1
- 2. Maximum Prices / Price Caps – Some Topical Issues Housing Rent Controls Energy Price Caps to control fuel bills Caps on CEO Pay / Bonuses Cap on Mobile Roaming Charges Price capping for water companies Cap on interest rates charged by pay-‐day lenders Cap on annual charges to occupaDonal pension plans Currency peg e.g. Hong Kong / US dollar The government or an industry regulator can set a maximum price to prevent the market price from rising above a certain level
- 3. Maximum Price Analysis Diagram QuanDty supplied P1 Q1 A maximum price must be set below the normal free market equilibrium price to have any effect on price and output Market Demand Max Price Q2 Price Q3 Market Supply Max Price (price ceiling) Free Market Equilibrium An alternaDve to a maximum rent is a rent subsidy for housing which is the equivalent of an increase in income
- 4. Maximum Price Analysis – “Black Market” Prices QuanDty supplied P1 Q1 If quanDty is restricted to Q3, then some consumers will be willing to pay a higher “unofficial price” at P2 Producers can extract extra consumer surplus at higher price Market Demand Max Price Q2 Price Q3 Max Price P2 Market Supply Extracted consumer surplus above the official price ceiling Possible unofficial price above the ceiling Some raDoning or aucDon process may be needed if output = Q3
- 5. Applied Micro: Plans for an Energy Price Cap Output of gas P1 Q1 D Max Price Price of gas Q3 S In 2013, ex-‐Labour Leader Ed Milliband, announced that he would consider capping fuel prices if elected into Government in 2015 • Milliband argued that rising fuel prices benefit only the privately-‐ owned firms that sell the fuel. • These firms benefit unfairly because there is limited compeDDon in the fuel generaDon and retail markets. • Because demand for fuel is price inelasDc, an increase in fuel bills reduces people’s real purchasing power • The main case for the energy price cap proposal is to increase fairness for families on low incomes Opponents of a price cap argue that more compeDDon is a beaer long-‐term strategy to lower prices
- 6. EvaluaGng Price Caps in Different Markets A maximum price also involves a normaGve judgement on behalf of the government about what that price should be Benefits • A useful surrogate for compeDDon • Holds prices down – consumer welfare gains • IncenDves for businesses to cut costs to maintain profits Downsides • Reduces profits – less money for capital investment • May dissuade new entrants • Firms might raise prices in other ways AlternaGves • Measures to reduce entry barriers in an industry • Higher taxes on monopoly profits e.g. a windfall tax
- 7. Maximum Prices EdExcel Economics 1.4.1