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The market of natural gas is described by the following supply and demand equations: Qs = 14 + 2 PG + .25 P0 Qd = -5 PG + 3.75 P0 where Qs represent the quantities supplied and demanded of natural gas (in millions of cubic feet), PG represents the price of natural gas (per cubic foot) and P0 represents the price of oil (per barrel).
a) If P0 = 8, find the equilibrium price and quantities of natural gas.
b) Find the new equilibrium price and quantities if P0 doubles (from 8 to 16).
A college graduate with a B.S. in Mechanical Engineering expects to earn, on average, $20,000 per year more than an engineer without a B.S. degree. If the graduate expects to work for 35 years, and the cost of the college education is $100,000, what ..
If the firm has a monopoly in product A and product B is sold in a competitive market, then what is the profit-maximizing tie-in sale price of product A?
Suppose an environmental regulation requires all polluters to reduce emissions by 50%, even though the cost of pollution control differs widely from one polluter to another. Why might this be inefficient, using the definition of efficiency developed ..
Think of a company (such as Apple Computers or Samsung) with which you are familiar. In a response of no less than 250 words, what are the three most relevant environmental categories that need scanning for that company? How have those categorizes im..
currently at a price of 2 each 250 popsicles are sold per day in the perpetually hot town of rostin. consider the
Identify the nature of the “pitfall” to sound economic reasoning represented by the following circumstances: You are attending a concert and recognize that you will have a better view of proceedings if you stand—hence if everybody stood…everybody wou..
The marginal value schedule for Moe and the marginal cost schedule for Larry for apples are shown below. Find a single price that all mutually preferred trades can occur. What are the gains from trade?
Green Futures operates a solar panel power generation facility in Scottsboro, Alabama. The current field generates 12 million kilowatt-hours per year, but every year production drops off by 1 million kilowatt hours, as dust and droppings accumulate o..
Consider a three-year $2,000 par value coupon bond that has a present value of $2,140. If the annual rate of discount is 7 percent, and the payment made at the end of each year is $140, the principal amount to be repaid at the end of three years is
Based on what you have learned about the relationship between TR and elasticity of demand, explain how an airline might take advantage of this information in order to maximize its profits? (Tip: How does an airline company separate the market of cons..
q.1. what are the reservation values you calculated for bel vino and star shine? explain briefly justify your
who operates the industry as a monopoly and seeks to maximize profits from the sale of computers. Elucidate which of the following is a likely consequence of the monopolization of the industry.
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