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The market for labour can be described by two linear equations. Demand is given by P = 170 - (1/6)Q, and supply is given by P = 50 + (1/3)Q, where Q is the quantity of labour and P is the price of labour - the wage rate
(a) Graph the functions and find the equilibrium price and quantity by equating demand and supply
(b) Suppose a price ceiling is established by the government at a price of $120. This price is below the equilibrium price that you have obtained in part a. Calculate the amount that would be demanded and supplied and then calculate the excess demand.
a large induced-draft fan is needed for an upgraded industrial process. the motor to drive this fan is rated at 100
A firm produces GPS devices in a monopolistically competitive market and has the following cost function: TC = 270 + 40Q + 2Q2 MC = 40 + 4Q Demand for this firm's product is given as: QD = 500 - 2P a) To maximize profits,what price will it charge
Microsoft sells three different programs in their office suite: Word, Excel and PowerPoint. Each has a marginal cost of $15. There are three types of con- sumers, writers, accountants and professor, who have the following values for the three diff..
44 third grade students can be considered to be an SRS in asuburban school district with a sample mean of = 35.091. DPR scoresare approximately normal. Suppose the standard deviation ofscores in this school district is known to be σ = 11.
You have worked as a real estate agent for 10 years and are earning about $100,000 per year with your current agency. You prepared the following information to use in evaluating the financial feasibility of starting your own agency.
Suppose you have been employed as an economic analyst, your job is to use the Regression Model to estimate potential sales of your employer's product.
You have given the following data about the amount your firm can manufacture per day given the number of workers it hires.
Find the yield to maturity of the following securities: A. a security paying $ 1000 in one year, for which you pay $926 today B. a security paying $ 80 0ne year from now and $ 1080 two years from now, for which you pay $1,050 today
You purchased a $10,000.00 face value commercial bond for $9000.00 on June 1, 2007. The bond pays $500.00 interest at the end of each six months. It is now June 1, 2008. Thus, you have already received two $500.00 payments. The bond matures in fiv..
Suppose Jose has a demand curve for tennis games (x) given by x = 60 3p where p is the price of one tennis game. There is a local tennis club that charges its members a fee of f dollars to join and play tennis at a price of p = 10.
A large chemical plant is being planned with the capacity to produce 3 million pounds (lb.) of product annually. Raw-materials costs for the product are $0.45/lb. and utility costs are $0.25/lb. Overhead costs are 75 percent of the labor costs.
A purely competitive firm finds that the market price for its product is $20. It has a fixed cost of $100 and a variable cost of $10 per unit for the first 50 units and then $25 per unit for all succcessive units.
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