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Suppose demand is still described by P=5.10-0.80Q and supply is described by P=1.90-0.20Q. If there is a price floor of 2.94, what would be the quantity traded?
Economic laws are established in order to make successful prediction of the outcome of human action.
q1. relate opportunity costs to why profits encourage entry into purely competitive industries and explain how losses
The manager of Big Oil Company in Mandeville tells investors that at the end of 2006 they had gasoline in inventory worth $378. In 2007, Big Oil produced gasoline worth $294 and sold gasoline worth $384. What was Big Oil's inventory in 2007?
Why Should we remove all barriers to immigration into the United States. What would be the outcome.
Assuming other countries do not change their own trade policies, what would be the impact on the value of the dollar relative to other currencies? What would be the effect on the jobs in U.S. industries?
Why do monopolistic competitors have a tendency to advertise much more than perfectly competitive firms?
The demand curve for Froot Loops breakfast cereal is very elastic because: A market can be described by the equations Qd = 100 P and Qs = P. What are the equilibrium price and quantity in this market? Which good below might be expected to have the mo..
If the Bill and Melinda Gates Foundation were to buy out and destroy the patent for Combivir, which of the following would NOT be one of the effects? Monopolists typically prefer not to segment markets.
goods and services that are not sold in markets such as food produced and consumed at home and some household articles
illustrate what will be the effect of an excess of planned investment over saving in a private closed economy with unemployed resources.
In addition to reviewing all the course materials, you should view the movie Inside Job, which is a look at corporate accountability regarding the ongoing international financial crisis. Incorporating facts and ideas presented in the course, includin..
Write down an expression π(q ) for profits as a function of q. Find profit-maximizing choice of q for Smith and corresponding price and profit.
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