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Suppose demand and supply are given by Qd = 60 - P and Qs = P - 20.
a. What are the equilibrium quantity and price in this market?
Equilibrium quantity:
Equilibrium price: $
b. Determine the quantity demanded, the quantity supplied, and the magnitude of the surplus if a price floor of $50 is imposed in this market.
Quantity demanded:
Quantity supplied:
Surplus:
c. Determine the quantity demanded, the quantity supplied, and the magnitude of the shortage if a price ceiling of $32 is imposed in the market. Also, determine the full economic price paid by consumers.
Shortage:
Full economic price: $
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Illustrate price as well as quantity will maximize revenue. Elucidate the total revenue and price elasticity at this point.
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earson Brothers recently reported an EBITDA of $16.5 million and net income of $2.8 million. It had $2.0 million of interest expense, and its corporate tax rate was 30%. What was its charge for depreciation and amortization?
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Last month, Rick's Bike Shop, Inc. increased the price on the 22-ounce can of Camp A bearing grease by 4.5 percent. In response, sales dropped by 9 percent. A) Calculate the point price elasticity of demand for Camp A bearing grease. B) Calculate t..
The widget market is competitive and there are no transaction costs. Five different suppliers are willing to sell one widget at each of the following prices: $30, $29, $20, $16, and $12. Five different buyers are willing to buy one widget at each ..
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