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Suppose that the market for some product has a linear downward?sloping demand curve and a linear upward sloping supply curve. Then suppose that the price of a substitute good increases and the price of an input to production also increases.
a. Graph the original demand and supply curves, and the curves after the substitute good and input prices increase.
b. How will the equilibrium price change after the substitute and input prices increase?
Do you think normal market forces adequately promote the sustainable development of non-renewable resources?
Draw the market Demand and Supply curves (on the same graph) for Ford and what is the market equilibrium price and quantity explain what you will observe in the market if the Ford car price is set at a higher than equilibrium price.
Discuss the welfare effects of four possible policies: price floor, price support, production quota and voluntary production reduction. Which policy is least efficient? Discuss the differences in the benefits to farmers and the cost to the governme..
The average total cost of operating a clinic is $800 per patient if the volume is one hundred patients, and $790 each patient if the volume is 110 patients. Find the total cost at each of these two volumes?
Assume the government sets a uniform standard for winter and summer at A = 500. Support or refute this policy based on the criterion of allocative efficiency, using your model to explain your response.where A is the level of CO abatement
Label the points representing choice C and choice D. If you are at choice C, what is your opportunity cost of increasing your chemistry score?
The market demand function of a company is given by 8P + Q - 64 = 0, and the company's average cost function takes the form AC = 8/Q + 6 - 0.4Q + 0.08Q2.
Assume also that South Africa is a net importer of maize and imports maize mostly from the US. The FOB at US Gulf port is US$350 per tonne (1 tonne =1000 kg). Assume freight, insurance and unloading (FIU) cost at Durban is 150 Rands per tonne.
Suppose that raw materials (input R) are fixed at 10 units. Determine the number of units of input L that maximizes the total product function.
Interpret the components of mathematical equations that explain the linear programming problem for each of the following:
Briefly explain the calculation of The Unemployment Rate for the U.S. economy. How is the data collected to compute the Unemployment rate?What is the ultimate cause of severe inflation in an economy?
Consider two firms X and Y that produce identically tasting cold drinks. In order to raise the demand for its cold drink, firm X raise its advertisement outlay.
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