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Problem: There are two types of consumers in the orange juice market: "health conscious" and "casual". The demand function for the health-conscious group is Qh = 15 - 3P (i.e. "group" means the total of all of the health conscious individuals in the market, and similarly for the casual type). The demand function for the casual group is Qc = 6 - 2P. Quantity of orange juice is measured in pints.
(a) Draw the market demand curve. Include the coordinates of all of the important points in your graph.
(b) Suppose that all consumers in the orange juice market must pay a price of $1 per pint. Find total (that is, market) consumer surplus for this market.
How was fiscal and monetary policy used to reduce the recessionary gap? Be sure to provide specific examples.
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A firm that sells headphones at $5 the piece has two plants, one in San Diego (US) and one in Tijuana (Mexico). Both plants make the same product but workers in Tijuana make $32 per day and workers in San Diego make $64 per day. What are the Marginal..
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If a monopoly faces an inverse demand curve of p = 90 - Q, has a constant marginal and average cost of 30, and can perfectly price discriminate, what is its profit? What are the consumer surplus, welfare, and deadweight loss? How would these results ..
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