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Suppose the individual function for a specific Shaquille O'Neill's basketball card is given by:
Qdx= 12-2Px
And the individual supply function for the same card in Hampshire County's flee market is given by:
Qsx = 20 Px
And suppose that there are 10,000 teens willing and able to buy this card from another 1000 Sellers.
a. Find the market demand function and the market supply function for this card.
b. Mathematically obtain the equilibrium price and equilibrium quantity.
c. Construct the Demand and Supply table and mark the equilibrium price and quantity.
d. Plot the Demand and Supply curves and mark the equilibrium price and quantity.
e. Add to the table obtained in c, the shortage and surplus columns and mark their areas on the graph.
Discussion topic: You often hear about the trade-off between risk and reward. Is this trade-off part of the decision making under uncertainty when the decision makers use the Expected Monetary Value (EMV) criterion? For example, how does this work in..
The fact the unplanned inventories do not equal planned inventories has no effect on business decisions to invest or on GDP. True or False. Explain why?
Suppose that labor costs w=$100 per day and that at the current level of employment the marginal product of labor is 20. What does marginal cost equal? Show/explain. Interpret the value you obtained for marginal cost. If, at the current employment le..
Use the model of supply and demand for bonds to describe the impact on bond prices and yields if the real estate market is expected to further weaken in the coming year.
Compare and contrast the three different perspectives on sustainability. What is your perspective and how would you classify it given the three general views of sustainability we discussed? Consider what you have learned about the economics of non-re..
Biff owns and operates a golf driving range on land that he also owns. Last year his accountant calculated that his driving range makes $50,000 profits per year. Last year a property management company offered to lease Biff’s land from him for $80,00..
q1. suppose the general public purchase 500 million in government bonds and pay for them by drawing cheques on their
According to the in the News article, "News Rules Would Cut Thousands of Coal Jobs",
Burning of fossil fuels emits carbon oxides into the atmosphere, which many scientists believe increase the rate at which the earth’s climate is warming. Legislate that within 5 years all automobile manufacturers must meet some sharply higher minimum..
Suppose the market for gasoline is in equilibrium. Draw a diagram below of such a market. Next, suppose that it is found that com can be used to produce ethanol, which can be added to gasoline, effectively adding to the amount of gasoline available. ..
how does corporate sponsorship affect the demand for the sponsor's product? why have so many companies purchased naming rights rather than purchase time to broadcast commercials during football bowl games ?
According to our textbook when one additional unit is produced, two factors directly impact the change in average total costs, the Spreading effect and the Diminishing Returns effect.
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