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The domestic demand and supply for sugar are Qd = 40,000 - 200 P and QSD = 10,000 + 300 P. The foreign supply is QSF = 20,000 + 100 P. Determine the total supply of sugar in the domestic market? Compute the domestic market price of sugar? Assume an import quota of 5,000 is imposed in the domestic market. What will be the new market price of sugar? How many units of sugar will domestic produces supply after the quota is imposed?
Describe (include an explanation of economic profit in your explanation). Will price be higher or lower under such the agreement in long-run equilibrium than would be the case if firms didn't collude? Discuss.
A grocery store notices that the cross-price elasticity between ice cream and chocolate syrup is -.3. The store is advertising a sale with ice cream prices reduced by 20%.
The small town of Middling experiences a sudden doubling of the birth rate. After three years, the birth rate returns to normal.
Examine the models of oligopoly and create at least one recommendation for improvement. Describe your rationale.
What price and quantity will monopolist produce at if the marginal cost is constant $4.00? Compute the deadweight loss from having the monopolist produce, rather than the perfect competitor.
Assume there are two services offered in economy: dance clubs and college education. Both require the use of limited resources, but not all of the resources used in each one can be readily transferred to the other.
The general demand function for a good, Good A, is: Is Good A a normal good or an inferior good? How do we know exactly?
Assume there're three firms with the same individual demand function. This function is Q=1,000-40P. Assume each firm had the diffeerent cost function these functions are: Firm 1: 4,000+ 5Q
Which of the following changes to fiscal stimulus package of 2009 for $862 billion (under the bill called American Recovery and Reinvestment Act of 2009) would have a larger overall impact on AD? Explain your answer with credible logic and analysi..
Employ the following equation to demonstrate why firm producing at the output level where MR=MC will also be capable to maximize its total profit.
What market structure best characterizes the market in which universities compete? How does this structure influence the university's pricing strategy?
Compute the expected market price. Show calculations please. How many units should you produce to maximize expected profits? What is your expected profit or loss? Again, show work.
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