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Suppose the market for chewing gum is perfectly competitive, the demand is Q=20-P, and the Supply is Q=-P+2P. What is the Consumer, Producer, and total Surplus?
In the first article it discusses how crude-oil prices increased and how that would hopefully get Russia and the Organization of the Petroleum Exporting Countries (OPEC) to go along with production cuts. A meeting in February is being arranged to dis..
If you are constantly looking at your phone and not focusing on driving, working, schoolwork, or even talking to the people in the same room, is it an addiction? What does that mean as we allow this as a society?
A restaurant sells an average of 120 dinners a night at a price of $8. The restaurant manager believes that the elasticity of demand at this price is equal to -.8. Use this information to calculate a linear demand curve for the restaurant.
If shoes and socks are complements and both are normal goods, show graphically what would happen to the consumption of shoes and socks if the price of shoes decreased. consumer incomes increased.
The consumption function is C = $400 billion + 0.6Y and the government wants to stimulate the economy. By how much will aggregate demand at current prices shift initially (before multiplier effects) with:
Assume the U.S. is a SMALL OPEN economy and the European Union is a LARGE OPEN economy. In addition, suppose the EU cuts tax rates and increases infrastructure spending. Assume the U.S. is a small open economy and has balanced trade. Suppose Congress..
Which of the following is NOT a characteristic of a perfectly competitive market? Recall the Application called "Wireless Women in Pakistan." What makes the wireless telephone market in the US NOT perfectly competitive? How do entry costs affect the ..
Demand deposits and other checkable deposits have replaced paper and metallic currency as the major source of money used for transactions in the united states. -Credit cards are not money; they are substitutes for the use of money in echange. most of..
One reason for raising interest rates was the prospect of a refinancing issue: a $12 billion issue matures April 1, and the government is expected to seek some new money, in excess of its refinancing needs.
When cantaloupes at a farm stand cost p dollars each, q cantaloupes are sold, where p and q are related by the formula q2+4pq+p2=19. Find a formula for the price of elasticity of demand for the farm stand cantaloupes. If p=2, is the demand elastic, i..
Where should they locate the second restaurant - when they make their loan request to officers at Zions Bank?
“If the assumptions of the median voter model hold, then using majority voting to determine the amount of a public good purchased by a city will lead to either an efficient level of the public good being provided or an under-provision of the public g..
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