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Suppose the demand and supply curves for a good are given by:
a. Graph the supply and demand curves.
b. Find the equilibrium price and quantity.
c. If the current price of the good is $100, what is the quantity demanded? What is the quantity supplied? How would you describe this situation? Equilibrium? Shortage? Or Surplus? What would you expect to happen in this market?
d. If the current price of the good is $150, what is the quantity supplied and demanded? How would you describe this situation? Equilibrium? Shortage? Or Surplus? What would you expect to happen in this market?
e. Suppose that the demand changes to . Find the new equilibrium price and quantity. Show this point on your graph.
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If hard freeze eliminates Brazil's premium coffee crop, illustrate what will happen to the price of premium coffee.
Jefferson Smurfit Company is a multibillion-dollar supplier of packaging materials. The tradesperson's action is typical of the corporation's trades philosophy
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For Firm A, when four units of output are produced, total cost is $175 and average variable cost is $33.75. What would average fixed cost be if ten units were produced.
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say you are the manager of a perfectly competitive firm selling a product. your business is making a loss because total
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