User Account

All Pages

Find the original equilibrium

Assignment Help Business Economics
Reference no: EM132479894

1. Suppose demand takes the form P = 10 - 2Q and supply takes the form P = 2 + 2Q.

a. Find the market equilibrium (2)

b. How much total revenue (i.e. P*Q) will the firm receive at this equilibrium?

2. Suppose the government decides to impose a price floor on dairy products to prevent dairy farms from closing down. If the market for a case of milk takes the form of:

Demand: P = 100 - 10Q

Supply: P = 10Q

a. Find the original equilibrium

b. Find the market equilibrium with a price floor of $60 per case.

c. Illustrate this price floor on a graph

Reference no: EM132479894

Questions Cloud

Economic development of developing countries : What is the responsibility of Western countries toward the economic development of developing countries?
Explain how people and countries gain from trade : Explain how people and countries gain from trade by specializing according to comparative advantage. Include comments on the definition of comparative advantage
What is the expected return on equity : Payne Products's sales last year were an anemic $1.6 million, What is the expected return on equity under each current asset level
What is the net effect of a collection of an account : What is the net effect of a collection of an account previously written off on gross Accounts Receivable and Bad Debt Expense, respectively
Find the original equilibrium : 1. Suppose demand takes the form P = 10 - 2Q and supply takes the form P = 2 + 2Q.
What yield on day risk-free securities in united state : 1 Japanese yen equals 0.0086 dollar. In Japan, 90-day risk-free securities yield 4.6%. What is the yield on 90-day risk-free securities in the United States?
Difference between drake equation and the seager equation : What is the difference between the Drake equation and the Seager equation and Does either equation have an exact answer? why or why not?
What single amount must be deposited for withdrawals : Bill Gates plans to deposit into the bank a single amount on 9/1/15; What single amount must be deposited on 9/1/15 to provide for the withdrawals
Benefits of fixed costs versus variable costs : What are the benefits of Fixed costs versus variable costs? Whisch one is better?

Reviews

Write a Review

Business Economics Questions & Answers

  Economics assignment

This document contains various important questions and their appropriate answers in the subject field of Economics.

  Demand and supply curves

Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.

  Long-run perfectly competitive equilibrium for the firm

Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..

  Supply and demand diagrams

Explain each of the following using supply and demand diagrams,  With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.

  Case study: fisher-price toys

The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.

  Draw the production possibility curve

Draw the production possibility curve and a. Define consumer surplus and producer surplus.

  Tax revenue

The Australian government administers two programs that affect the market for cigarettes

  Maximize total welfare

How many tickets to sell to maximize total welfare.

  Difference between the cv and the ev

The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled

  Depict von neumann-morgenstern utility index u in a diagram

Depict the von Neumann-Morgenstern utility index u in a diagram

  What is the market solution

What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution

  Calculate gross national product and net national product

Calculate gross national product and net national product

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd