Reference no: EM131695246
The following represents demand for widgets (a fictional product): QD=360-6P+0.003M-2PRQD=360-6P+0.003M-2PR, where PP is the price of widgets, MM is income, and PRPR is the price of a related (fictional) good, the wodget. Supply of widgets is determined by QS=-20+4PQS=-20+4P.
Widgets are a _________, and widgets and wodgets are _____________.
Select one:
a. normal good; complements.
b. inferior good; substitutes.
c. inferior good; complements.
d. normal good; substitutes.
Assume that M=$42,000M=$42,000 and PR=$8.00PR=$8.00. The equilibrium price of widgets is
Answer:
The equilibrium quantity of widgets is Answer? units.
Now assume two events occur: income rises to $46,000 and supply conditions change such that QS=-34+6PQS=-34+6P. Solve algebraically for the new equilibrium price of widgets after these two changes.
Answer:
Explain the evolution of the internet
: Explain the evolution of the Internet and how it changes the way customers, suppliers and companies interact.
|
Why is it important for accountants to act in ethical manner
: Why is it important for accountants to act in an ethical manner? How does the public view the ethical obligation of governmental accountants
|
What is the firm marginal cost of production
: If the price of Labor, w = $12 per unit of Labor, what is the firm's Marginal Cost of production when the firm is producing 48 units of output?
|
Airline mergers have increased in the twenty first century
: Airline mergers have increased in the twenty first century.
|
Equilibrium quantity of widgets
: The following represents demand for widgets (a fictional product): QD=360-6P+0.003M-2PRQD=360-6P+0.003M-2PR, where PP is the price of widgets
|
Mission and vision statements in strategic management
: What is strategic management? What are the roles of mission and vision statements in strategic management?
|
How to use the lexis nexis legal research database
: The purpose of this Problem Assignment is for you to become familiar with how to use the LexisNexis legal research database, read common law.
|
Explain the scope of common enterprise systems
: Explain the scope of common Enterprise Systems (e.g., MM, SCM, CRM, HRM, procurement). Describe the selection, acquisition and implementation of enterprise.
|
Quality comprises of the characteristics of a product
: Quality comprises of the characteristics of a product or a service that bear on its ability to satisfy stated or implied customer needs.
|