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Suppose the demand and supply of chickens is given by:
Qd = 20500 - 250p
Qs= 5000 + 100p
a) Graph the demand and supply curves and determine the equilibrium price and quantity.
b) Suppose a quota of 4000 chickens in imposed. What will be the new equilibrium price? What is the loss to consumers? What is the net gain, if any, to producers?
You are a division manager at Toyota. If your marketing department estimates that the semi annual demand for the Highlander is Q=150,000-1.5P, what price should you charge in order to maximize revenues from sales of the Highlander?
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q.south korea can produce a maximum of 600 million toaster ovens or 900 million tons of rice per year. the u.s. can
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