TASK DEFINITION: Given a passage and a query based on the passage, generate an unambiguous, concise and simple answer to the query from information in the passage. Note that the answer may not be present in exact form.
PROBLEM: (The authors did not find any difference in costs which could explain the result.) Another example is Sen et al. who found that gasoline prices were higher in states that instituted price ceilings. Another example is the Supreme Court of Pakistan decision regarding fixing a ceiling price for sugar at PKR45/kg. Price Ceilings. A price ceiling is the opposite of a price floor: It's a government-mandated maximum price for a good or service. As economists Paul Krugman and Robin Wells note in their basic text Microeconomics, price ceilings are far less common than price floors in the modern U.S. economy. Still, there are some. Rent-control law in New York and other major cities is an example of price ceilings. Price Floors When a price floor is set, a certain minimum amount must be paid for a good or service. If the price floor is below a market price, no direct effect occurs. If the market price is lower than the price floor, then a surplus will be generated. Minimum wage laws are good examples of price floors. In many states, the U.S. minimum wage law has no effect, as market wage rates for low-skilled workers are above the U.S. minimum wage rate. Difference Between Price Ceilings and Price Floor Both price ceilings and floors are forms of price controls. While a price ceiling dictates the maximum price of a good or service, a price floor refers to the lowest price for which a good or service may be sold. If the price ceiling is set below the market price, then a shortage is created; the quantity demanded will exceed the quantity supplied. The shortage may be resolved in many ways. One way is queuing; people have to wait in line for the product, and only those willing to wait in line for the product will actually get it. Key points. Price ceilings prevent a price from rising above a certain level. When a price ceiling is set below the equilibrium price, quantity demanded will exceed quantity supplied, and excess demand or shortages will result. Price floors prevent a price from falling below a certain level. A price ceiling is a government-imposed price control, or limit, on how high a price is charged for a product. Governments use price ceilings to protect consumers from conditions that could make commodities prohibitively expensive. Such conditions can occur during periods of high inflation, in the event of an investment bubble, or in the event of monopoly ownership of a product, all of which can cause problems if imposed for a long period without controlled rationing, leading to shortages. Furth Price ceiling is a measure of price control imposed by the government on particular commodities in order to prevent consumers from being charged high prices. Price ceiling can also be understood as a legal maximum price set by the government on particular goods and services to make those commodities attainable to all consumers. Answers to Self-Check Questions. 1  A price ceiling (which is below the equilibrium price) will cause the quantity demanded to rise and the quantity supplied to fall. This is why a price ceiling creates a shortage. 2  A price ceiling is just a legal restriction. Equilibrium is an economic condition. A price floor is a government- or group-imposed price control or limit on how low a price can be charged for a product.[1] A price floor must be higher than the equilibrium price in order to be effective. Query: how is a price floor different than a price ceiling?

SOLUTION: Difference Between Price Ceilings and Price Floor Both price ceilings and floors are forms of price controls.

PROBLEM: Titan is the largest moon of Saturn. It is the only moon known to have a dense atmosphere, and the only object in space other than Earth where clear evidence of stable bodies of surface liquid has been found. Titan is the sixth gravitationally rounded moon from Saturn. Frequently described as a planet-like moon, Titan is 50% larger than Earth's Moon, and it is 80% more massive. It is the second-largest moon in the Solar System, after Jupiter's moon Ganymede, and is larger than the smallest plane Discovered in 1655 by the Dutch astronomer Christiaan Huygens, Titan was the first known moon of Saturn, and the sixth known planetary satellite (after Earth's Moon and the four Galilean moons of Jupiter). Titan orbits Saturn at 20 Saturn radii. From Titan's surface, Saturn subtends an arc of 5.09 degrees and would appear 11.4 times larger in the sky than the Moon from Earth. Titan is primarily composed of water ice and rocky material. Saturn's orbit around the sun is right around a billion miles out. Earth's orbit is just inside 100 million. So, Saturn can be as close to us as just under a billion miles, or … as far away as nearly 2 billion, depending on what side of the sun we're on. Saturn orbits the sun once every 30 years. How far is the planet Saturn from planet Earth? The planet Saturn was relatively close to Earth on December 31, 2003, when it was about 746 million miles away. It is some 900 million miles away from the sun. Titan is the largest moon of Saturn. It is the only moon known to have a dense atmosphere, and the only object in space other than Earth where clear evidence of stable bodies of surface liquid has been found. Titan is the sixth ellipsoidal moon from Saturn. Frequently described as a planet-like moon, Titan is 50% larger than Earth's Moon, and it is 80% more massive. It is the second-largest moon in the Solar System, after Jupiter's moon Ganymede, and is larger than the smallest planet, Mercury, but only 40% as massive. Viewed from Earth, Titan reaches an angular distance of about 20 Saturn radii (just over 1,200,000 kilometers (750,000 mi)) from Saturn and subtends a disk 0.8 arcseconds in diameter. The small, irregularly shaped satellite Hyperion is locked in a 3:4 orbital resonance with Titan. How far is Saturn from Earth at aphelion? At Saturn's aphelion, it is about 10.1 AU from the Sun. Therefore, it would be anywhere between 9.1 and 11.1 AU from the Earth, depending on whether Earth is on the same side … of the Sun as Saturn, or on the opposite side. How far is Saturn from the Earth? The distance is always changing as both planets move around the Sun. The average is about 1.4 billion kilometers, or more than 8 times as far as Earth is from the Sun (8 AU). … At its closest, when both planets are on the same side of the Sun, Saturn is about 8 AU (1.2 billion km or 744 million miles) from us. This depends where the two planets are in their orbits! At their closest Saturn is around 1.2 billion km away from Earth (roughly 7 AU) and when they are at their most distant from each other, Saturn is approximately 1.67 billion km from Earth (around 11 AU). Saturn's distance is 1,010,000,000 miles (1,620,000,000 kilometers) from Earth. It took images of Titan, including Titan and Saturn together in mid to late 1979. The quality was soon surpassed by the two Voyagers. Titan was examined by both Voyager 1 and 2 in 1980 and 1981, respectively. Query: how far is saturn?

SOLUTION: The average distance from the Earth to the Saturn is about 1.4 billion kilometers.

PROBLEM: Whether it’s a late car payment, credit card payment, or mortgage payment, a recent late payment can cause as much as a 90-110 point drop on your FICO score. As time goes on, the late payment will affect your credit score less and less until it drops off. However, potential creditors can still see that history as long as it’s listed on your report. Late payments appear on your credit report as either being 30, 60, 90, or 120-plus days late. Each of these degrees of delinquency affects your credit score differently. The later you are, the more damage it does to your credit score. Being unreliable with payments is a red flag to financial institutions, and several things can occur when you pay late. 1  You’ll usually be charged a late fee. 2  Your interest rates may rise. 3  It may end up on your credit report. 4  It might decrease your credit score. Q: If I choose to stop paying a revolving line of credit, how long will the unpaid debt remain on my credit report? A: Most accounts will stay on your credit report for seven years. However, you should make sure that you settle the account properly with your creditor. Stopping payment on your account may have a negative effect on your credit score. Written by Equifax Experts on July 17, 2012. How long does a late payment stay on my credit report? Questions like this and others related to the consequences of negative information on your credit report are some of the most frequently asked questions on the blog and on Equifax.com. Here are the answers to some of these questions, and in the coming weeks we’ll answer more of them for you. · just now. 1  If you've been a good customer, a lender might agree to simply erase that one late payment from your credit history. You usually have to make the request in writing, and your chances for a goodwill adjustment improve the better your record with the company (and the better your credit in general). You may have to pay a late fee if you’re a couple days late, but the late payment won’t go on your credit reports and stay there for seven years, as a more serious slip-up would. The three major credit bureaus – Experian, TransUnion and Equifax – allow creditors to report payments that are 30, 60 or 90 days late. After all, negative information like late payments can stay on your credit reports for up to seven years, so the first sign of a late payment on your credit reports signals years of impending credit doom, right? Actually, that isn’t always the case. How Are Late Payments Affecting Your Score? Comments (256) 1  Hi Ryan, I have a Macy’s card with went 30-days past and it was reported. 2  Wells fARGO WILL NEVER HELP YOU IN ANY WAY! Reply. Wells Fargo is the worst bank right behind Chase. 3  After applying for a FASFA I was denied at the very last step because of a student loan I hadn’t paid on for quite sometime. You may have to pay a late fee if you’re a couple days late, but the late payment won’t go on your credit reports and stay there for seven years, as a more serious slip-up would. The 30-Day Time Frame Some credit card issuers can, however, increase your rate on other credit products you have with that company. 1  Your Credit Score and 6 Other Reasons to Pay Your Credit Card On Time. 2  8 Little Ways to Remember to Make Your Credit Card Payment. 3  What to Do If You Can't Make Your Minimum Payments. Query: how long before a late payment drops

SOLUTION:
A late payment drops either being 30, 60, 90, or 120-plus days late.

