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Supply and demand diagram
Consider the market for personal computers. Suppose that the demand is stable: the demand curve doesn't change. Predict the effects of the following changes on the equilibrium price of computers. Illustrate your answer with a supply and demand diagram.
a. The cost of memory chips (one component of a computer) decreases.
b. The government imposes a $100 tax on personal computers.
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A monopolist faces the demand curvep =11 - Q , where Q is measured in thousands of units. What is the monopolist profit maximizing price and quantity? What is the profit?
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