I need help with the odd questions only. Chapter 4 economics using roger a Arnold thirteen edition book.

lame/ I.D. Number: vilaplel 4. Files. Free, bulluUIleu, a Relative . Fie-class a III-viass MCLIVILIES racket Section: 'art 3. Discussion Questions and Problems Date: |. "If price were outlawed as the rationing device (used in markets), there would be no need for another rationing device to take its place. We would have eached utopia. " Discuss this statement. 2. What kind of information does price transmit? 3. Should grades in an economics class be rationed according to dollar price instead of how well a student does on the exams? If they were and rospective employers learned of this, what effect might this have on the value of your college degree? 4. Think of ticket scalpers at a rock concert, a baseball game, & an opera. Might they exist because the tickets to these events were originally sold for less than e equilibrium price? Why or why not? In what way is a ticket scalper like & unlike your retail grocer, who buys food from a wholesaler & then sells it to you? 5. Many of the proponents of price ceilings argue that government-mandated maximum prices simply reduce producers' profits and do not affect the uantity supplied of a good on the market. What must the supply curve look like if the price ceiling does not affect the quantity supplied? 6. James lives in a rent-controlled apartment and has for the past few weeks been trying to get the supervisor to fix his shower. What does waiting to et one's shower fixed have to do with a rent-controlled apartment? 7. Explain why fewer exchanges are made when a disequilibrium price (below equilibrium price) exists than when the equilibrium price exists. 8. Buyers always prefer lower prices to higher prices. Do you agree or disagree with this statement? Explain your answer. 1. What is the difference between a price ceiling and a price floor? What effect is the same for both a price ceiling and a price floor? 1 0. If the absolute price of good X is $10 and the absolute price of good Y is $14, then what is (a) the relative price of good X in terms of good Y ? (b) the relative price of good Y in terms of good X?_