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The demand for inflatable garden gnomes is given by P = 300 – 2Q, while the supply of is P= 100 + Q/2. How many garden gnomes are traded in equilibrium?
Suppose that the market for gnomes is yet to reach equilibrium, and that the current price and quantity in the market for gnomes in the previous question is P = 150 and Q = 75.
What is the absolute value of the elasticity of demand at this point on the demand curve?
The Interior Department recently announced that it will increase the entrance fees at Yellowstone National Park in order to increase park revenues. The Interior Department must believe that
Assume that all firms in a perfectly competitive market structure are in long run equilibrium. The demand for the company product rise.
An article in BusinessWeek warned of the dangers of deflation as the collapse of numerous Asian economies was creating worries that Asia might try to "export its way out of trouble" by oversupplying everything from automobiles to semiconductors.
when the government increases taxes to provide traditional public goods, such national security, there tends to be what. marginal external cost equals marginal private cost minus marginal social cost.
Discuss the factors that affect the price elasticity of demand as they apply tolamb and make a suggestion based on your appraisal as to the likely priceelasticity coefficient.
Assume the demand curve for a monopolist is Qd=500-P, and the marginal revenue function is MR=500-2Q. The firm has a marginal and average total cost of $50per unit.
A big city just doubled the yearly fee for hot dog push carts that had exclusive rights to a spot just south of big museum of art to $288,000
Describe how the circular flow diagram illustrates the interaction of households, governments, and business and Describe the relationship between market and aggregate supply and demand?
The inverse demand function for natural gas in Altoona is P(q) = 11 - Q. The Altoona market has a single natural monopoly producer with a total cost function of C(Q) = 5Q - 0.005Q2.The public utilities commission is thi..
Briefly discuss whether this problem provides enough information to determine whether the equilibrium price and quantity of trucks increased or decreased.
other things the same, a fall in the economys overall level of prices tends to 1.rise both the quantity demanded and supplied of goods and services 2.rise the quantity demanded of goods and services, but lower the quantity supplied3.lower the quantit..
Assume that someone told you that an increase in price of DVD players caused the decrease in demand for DVDs. Is this what you would predict? Why or why not?
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