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a. Assume that market demand for tomatoes is given by P = 8 - Q and market supply for tomatoes is given by P = 2 + Q where P is dollars per bushel and Q is millions of bushels per year. Graph these and find the equilibrium price and quantity in this perfectly competitive market. Using the rule that the area of a triangle equals one half times the base times the height, calculate the consumer surplus and the producer surplus and the total (social) surplus. Does this outcome attain allocative efficiency?
b. Now assume that the government imposes a price ceiling of $4 per bushel on tomatoes. What do we call this situation? Which curve (supply or demand) sets the actual number of tomatoes traded in the market if the price ceiling is in place? What is the market quantity traded? What happens to the areas of the consumer surplus, producer surplus, and total surplus? Is allocative efficiency obtained? Explain
Fluff Rite, Inc., manufactures stove top popcorn poppers that it sells to distributors, who then customize and distribute the products to retailers as house-brand poppers. The yearly volume of output is 100,000 units.
The following equations show market demand and supply, respectively: Qd = 10,000 - 1,000P Qs = -2,000 + 1,000P What is the equilibrium price and quantity in this market?
Dr. Izobel Stevens is physician at the Westbury HMO, a New York City based medical facility serving the poor and indigent. Stevens is estimating the cost effectiveness of a preventive maintenance event,
THis is question about a dominant firm competitive fringe model P=5000-Q
Suppose the production function of the economy takes only capital as input and follows the formula: Y = zKWith saving rate s, deprectiation rate d and population growth rate n, write down an equation that determines capital stock next period
design two packages for the second-degree price discrimination case so that the first package has quantity 8 for the high demand and the second one has quantity 6 for the lower demand such that the low demand group has consumer surplus at least $5..
Assume the following values for Figures 5.4a and Figures 5.4b. Q1 = 20 bags. Q2 = 15 bags. Q3 = 27 bags. The market equilibrium price is $45 per bag. The price at a is $85 per bag. The price at c is $5 per bag. The price at f is $59 per bag.
If firm A decides to adopt the innovation and firm B decides not to adopt it, A earns $20 (minus the cost of the innovation) while B earns $0. If firm A adopts the innovation and firm B adopts it as well, each firm earns $15 minus the cost of the ..
Casper consumes cocoa and cheese. Cocoa is sold in an unusual way. There is only one supplier, and the more cocoa you buy from him, the higher the price you have to pay per unit. In fact y units of cocoa will cost Casper y2 dollars. Cheese is sold..
Every worker in the factory works on one machine and is able to produce 6 shirts per hour. The cost of running the machine is half a loaf of bread per hour, the cost to employ each worker is 1.5 loaves of bread per hour.
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..
The short run optimal cost of Ohio Bag Company is 2Q. Price is $100. The company operates in a competitive industry. Currently, the company is producing 40 units per period. What is the optimal short run output.
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