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A market has supply and demand curves that follow the following set of equations: Supply → P = 4QS + 10 Demand → P = -5QD + 280.
For both of these problems pictures are not required but the problems may be much easier if you draw some.
a) Find the equilibrium price and quantity in this market and the consumer and producer surplus from the equilibrium price and quantity.
b) If there is a ceiling price in this market of 90, find the new consumer and producer surplus. Use these numbers to find the size of the deadweight loss and explain from these numbers whether or not consumers, as a whole, would be in favor of this ceiling.
Assume good X is normal. Plot a graph to illustrate the income and substitution effects of an increase in PX, holding PY and I constant. Now suppose X is a Giffen good. Plot a graph to illustrate the income and substitution effects of an increase in ..
Determine whether the Justice Department would challenge a merger between two firms in an industry with 10 equal- sized firms, based on its 1984 Herfi ndahl- index guidelines only. NOTE: Need to calculate and compare the Herfindahl index before and a..
Shirley Johnson, portfolio manager, has asked you to analyze a newly acquired portfolio to determine its mean value and variability. The portfolio consists of 50 shares of Xylophone Music and 40 shares of Yankee Workshop. Compute the mean and varianc..
Suppose the price level and value of the U.S. dollar in year one are 1 and $1, respectively. If the price level rises to 1.20 in year two, what is the new value of the dollar?
Economic theory would suggest that the profitability of an industry would be
Every McDonald's restaurant around the world is not the same size. I am thinking the different sizes are due to the volume needed at the various locations. Do you think there are any economies of scale or diseconomies of scale in the McDonald's resta..
Olid Security Systems hires both male and female sales representatives. However, the company mostly promotes male employees to the position of senior sales executive because the job involves a lot of traveling. The management of the company believes ..
What events, beliefs or situations might cause a consumer to demand and buy fewer goods and services this month than last month even if prices have not changed? (note the second, third and fourth words are plural)
Which one of the following alternatives will allow next year's demand to be fully covered?
The equilibrium price after a specific tax will be the same whether the tax is collected from consumers or producers. The tax incidence on consumers will be higher if the tax is collected from consumers. More tax revenue is raised if a tax is collect..
Suppose that the market for a good is composed of 1000 identical consumers. The market Demand is given by = 150,000 − 25. What is demand for an individual consumer’s demand curve? Find the equation and illustrate graphically.
Consider a Cournot duopoly with the inverse demand p = 130 - Q. Both firms have constant marginal and average cost MC = AC = 10. Find the Cournot-Nash equilibrium output and profit of each firm. Calculate the con-sumer surplus and DWL.
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