Tutor profile: Ryan Y.
There is a river and you would like to know how far away you are from the other side. There is a tree on the other side of the river and you stand directly across from it. Your friend stands 15 feet away from you creating a right angle between the tree, you, and your friend. Your friend also reports there is a 50 degree angle between you and the tree from where he is standing. How far away are you from the other side of the river?
We know that the angles that make up a triangle add up to 180 degrees. We know that one angle is right (90 degrees) and one angle of the triangle is 50 degrees. From this we know the last angle in the triangle is 40 degrees (180-90-50). We know the side across from the 40 degree angle is 15 feet. From this, we can find the distance from you to the tree using the law of sines. We can set up the equation by taking the sine of 40 degrees over 15 feet is equal to the sine of 50 degrees over x. We can solve for x by multiplying each side of the equation by 15 and dividing each side by sine of 40 degrees.
What is the market effect of the government setting a price ceiling?
A price ceiling is when the government sets a maximum price that a good or service may be sold. In order for a price ceiling to have any effect on the market, the price ceiling must be set below the market equilibrium price. If the price ceiling is set below the equilibrium price, the quantity supplied will fall because producers will produce more alternative goods that will sell for more money and produce less of the goods with the price ceiling. Because of this, the price ceiling lowers the quantity of good in the market place. At the same time, because the price has dropped, consumers will want to consume more of the product, causing the quantity demanded to rise. This creates a shortage of the good in the market because more people want to buy the product than want to produce the product.
Explain the difference between Monetary Policy and Fiscal Policy
A country's Monetary Policy is set by the Federal Reserve Bank, or the Feds for short, while Fiscal Policy is handled by the Legislative Branch of government. The Feds are an independent government agency led by officials appointed by the Executive Branch of government. When the Fed sets a Monetary Policy, they are deciding how much money should be in circulation. The Feds have three instruments to control the amount of money in the economy; buying or selling bonds, setting the discount rate, and setting the reserve requirement. Fiscal Policy has to do with setting regulations that affect the economy. Examples of Fiscal Policy would be setting the Tax rate and deciding how much money the government will spend. In either case, both policies can either expand or contract the growth of the economy.
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