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At a unit price of KES 16,000, the demand of a product is 300 units and at a unit price of KES 48,000 the demand is 100 units. At a unit price of KES 30,000 the supply is 550 units and at a unit price of KES 50,000, the supply is 650 units. Determine the market equilibrium point
What is the opportunity cost of a gallon of wine for Sara? What is the opportunity cost of a burger for Sara?
The manager of Green Chemical Co. has been informed that this year’s production target Q for organic fertilizer (in millions of tonnes) is 20. The manager is asked to allocate the production across the company’s two plants. How should the manager all..
Explain why the budget line can be called "objective" but an indifference curve is called "subjective." Explain why, if a consumer is to be in equilibrium, the marginal rate of substitution of good X for good Y must equal the negative ratio of the pr..
Are flowers or water more valuable to Ben? Why? Explain Provide a detailed explanation how Ben's expenditure on flowers and water illustrates the diamond-water.
Many large developing countries with large dollar-denominated external liabilities experienced large depreciations of their currencies between 1990 and 2003. What effects, if any, did these depreciations have upon these countries' external wealth and..
Explain the efficiency consequences of such food voucher schemes under two scenarios below using well-labeled diagrams.
Fantastic Footwear can invest in one of two different automated clicker cutters, A and B. The first cutter, A, has a $ 100 000 first cost. Another similar cutter with many extra features, B, has a $ 400 000 first cost. Cutter A will save $ 50 000 per..
Two players sequentially call numbers. First, player 1 calls either 1 or 2. Then, player 2 calls a number, such that it exceeds the previous number
Consider the famous governors we have discussed in the lessons. Which of these governors do you believe to have been the most influential in growing the powers of the office, in using the office effectively, and best represented the ethos of a Texas ..
It seems sensible that trade costs should be positively related to the distances between nations explain
Suppose that changing climate increases the price of hops (an input in the production of alcohol). How will this affect the market for alcohol?
A hurricane hits the Gulf Coast and completely shuts down much of the refining capacity for some time. Consider the market for gasoline. Draw supply and demand graph showing the initial equilibrium, any supply and/or demand shift, and new equilibrium..
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