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Draw supply and demand diagrams from two different markets, and label the markets A and B. Then use your diagrams to illustrate the impact of the following events. In each case, determine what happens to price and quantity in each market.
a. A and B are substitutes, and producers expect the price of good A to rise in the future.
b. A and B satisfy the same kinds of desires, and there is a shift in tastes away from A and toward B.
c. A is a normal good, while B is an inferior good. Incomes in the community increase.
d. A and B are complementary goods. There is a technological advance in the production of good B.
Acme Container Company produces egg containers that are sold to egg distributors using capital and labor. At Acme the marginal product of labor is: MPL=15 while the marginal product of capital is: MPK=10. Workers at Acme earn $10 hour (w=$10), whi..
In a competitive market, the market-determined price is $25. For a typical firm producing 10,000 units of output, the firm's average cost reaches its minimum value of $25. Is this firm making the profit-maximizing decision.
The price of a cone is expressed in cents, and the quantities are expressed in cones per day. a. Create demand & supply tables corresponding to these equations. b. Graph supply and demand and determine equilibrium price and quantity
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the supply curve for product x is given by qxs -520 20px .a. find the inverse supply curve.p qb. how much surplus
Further, the standard deviation for children under 12 was 51.7, while the standard deviation for children 13 to 17 of age was 67.6. Assuming that the variances in the populations are equal, is there a difference in the mean cell phone usage betwee..
suppose an economy's per-woker production function is y=3k^.5. Its saving, depreciation, and population growth rates are estimated at .2, .04, and .02 respectively. Calculate the steady state values of the capital-labor ratio, output per worker, an..
Can all important information be conveyed in the standard length?
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