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Suppose there is a market for an industrial compound, Weon. This industrial compound is used as an input for production of cleaning agents.
a. Draw a correctly labeled graph of supply and demand showing the equilibrium price and quantity. Also clearly identify the equilibrium in this market.
b. Assume the manufacturing process for this industrial compound has been improved. Draw a correctly labeled graph showing this change in a supply and demand graph. Also explain what is going on and be sure to identify the new equilibrium price and quantity.
c. Assume that the government decides to impose a price floor in this market for this industrial compound. Draw a correctly labeled graph showing this price floor.
d. Assume that the government imposes a tax on this industrial compound. Draw a correctly labeled graph showing the effects of this tax on the price and quantity of this industrial compound.
Am I right in saying an isoquant for an output produced using 2 inputs that can be perfectly substituted for each other can be represented by a straight line
Assume you own the remodeling company. You're currently earning short-run profits. The home remodeling industry is an increasing cost industry. In the long run, what do you expect will happen to:
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You're the manager of the firm that sells a commodity in market that resembles perfect competition, and your cost function is C(Q)=Q+2Q^2. Compute the expected market price.
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You know from data gathered on the widget market that market demand has recently increased and market supply has recently decreased. As manager of the facility, what decisions should you make regarding production levels and pricing for your widget..
When a single seller is confronted in a market by many small buyers, monopsony power enables the buyers to obtain lower prices than those that would prevail in a competitive markets.
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