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Suppose that the demand of pizza is given by QD= 100-2P and the supply by Qs= -25+3P. on the same graph, draw the supply and the demand, and identify the market equilibrium. Find the market equilibrium. Now suppose that the demand of pizza becomes QD=140-4P after consumers income increases. Define what a normal good is and determine if pizza is a normal good.
Calculate the present worth of the following geometric gradient series cash flow: Annual interest Rate =8.89 %, Annual cash flow increases 29% each year, The first year value is $52 and the series is 8 yrs long starting at EOY 1.
What is the average price you paid per share of stock? (please round your answer to 2 decimal places)
You and your roommate have a stack of dirty dishes in the sink. Either of you would wash the dishes if the decision were up to you; however, neither will do it in the expectation that the other will deal with the mess. Explain how this examples illus..
We are 99% confident that the mean weight of cheese filling in all ravioli made by this process is between 14.16 and 15.84 grams.
How do budgetary changes (increases or decreases) affect the community? How does the policy budget process in your selected state impact the health care environment? Give specific examples.
Based on recent research, which of the following is the most likely cause of the reduction in the rate of technological progress?
A competitive firm has the production function q = f(L,K) = sqrtL + 2sqrtK , for which MPL= 1/2sqrtL and MPK = 1/sqrtK. Find the firm's conditional factor demands for L and K at the factor prices w = 4 and r = 2. What is the firm's (total) cost curve..
How can the government's power to coerce (influence economic behavior) be economically beneficial?
How much will revenue change with changes in both the in-state and out-of-state tuition?
What is the expected winning bid if there are three bidders?
Behavioral economics is a descriptive theory: it attempts to model how people actually behave. Neoclassical economics is at least partially a normative theory - it says how people should behave in order to act rationally. Do you believe that people s..
This is a point I find very confusing and very hard to justify to students. Depending on the books, one finds many different conventions regarding the sign of elasticities and marginal rate of substitution (MRS). Some define them taking absolute valu..
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