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What property does market equilibrium have for a perfectly competitive market with no externalities?
Market equilibrium gives the highest possible consumer surplus.
Market equilibrium gives the highest possible producer surplus.
Market equilibrium gives the highest possible total revenue to sellers.
Market equilibrium gives the highest possible total surplus.
The inverse demand curve for widgets is P = 130−2Q. There are two firms, A and B, who produce widgets. Each firm has a constant marginal and average cost of producing the good that equals 10. Find the best-response function of each firm. Remember tha..
What is the point price elasticity of demand at a price of $70? What is the point price elasticity of demand at a price of $60?
Give an example of an event or incident that has taken place in the U.S. economy which has a major economic impact--be specific.
P is the price measured in a common currency used in both countries, such as the Thai Baht. Now assume that free trade occurs. The free-trade price goes to 56.36 Baht. Who exports and imports cameras and in what quantities?
Mr. Allen views nutella and soda as perfect complements. She always needs two tablespoons of nutella with one tablespoon of soda, U=min{J, 1/2N}. What will her optimal consumption bundle be if the price of soda is $0.25 and the price of nutella is $0..
q1. beer n pizza is complements because they are often enjoyed together. when the price of beer rises what happens to
When looking at inflation, you will find that this is measuring how much prices change. How does this influence the unemployment rate?
Suppose an economy's real GDP is $50,000 in year 1 and $53,500 in year 2. What is the growth rate of its real GDP between year 1 and year 2? Assume that population is 100 in year 1 and 103 in year 2. What is the growth rate of real GDP per capita?
when would it make sense for a factory that is losing money to remain in operation?additional requirementsaif the
Show the short and long run effects of a monetary expansion in this situation in the AD/AS model. You can omit the labor market and production function graphs and you may assume sticky prices for SRAS.
Find out the equilibrium price and quantity that will prevail in the market. At a price of $10, would there be a surplus or shortage.
How many units of good X will be purchased when Px=4910, determine the inverse demand function for good x.
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