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The market supply curve of action movies is given by QS=10+50P. The demand for action movies can be segmented into two components.
The first component is the demand for action movies by college students. This demand is given by QC= 200 - 20P. The second component is the demand for action movies by all others. The demand is fiven by QO=180 - 18P.
(a) Derive the total market demand curve for action movies.
(b) draw the total market demand curve. Label the axes and intercepts. Discuss how the price elasticity of demand changes along the demand curve.
Explain graphically and verbally what happens to the market in the short run and in the new long run equilibrium if factor prices and demand are assumed to remain the same as before.
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1. why do economists pay little attention to the algebraic sign of the elasticity of demand for a good with respect to
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Economists who align more with the "Classical" school would have a "leave it alone" (Laissez Faire) attitude and would oppose active policymaking. "Rational Expectations Theory" (a "new classical approach") suggests that people figure out what wil..
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