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The supply curve for product X is given by QXS = -520 + 20PX .
a. Find the inverse supply curve.
P = + Q
b. How much surplus do producers receive when Qx = 400? When Qx = 1,200
When QX = 400: $
When QX = 1,200: $
Suppose a country's GDP equals $500 billion for a particular year. Economists in the country estimate that household production equals 40% of GDP. What is the value of the country's household production for that year. Counting both GDP and househo..
Little Kona is a small coffee company that is considering entering a market dominated by Big Brew. Each company's profit depends on whether Little Kona enters and whether Big Brew sets a high price or a low price
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Suppose that the total benefit and total cost from an activity are, respectively, given by the following equations: B(Q)=150 + 28Q - 5Q^2 and C(Q) = 100 + 8Q. (note: MB(Q) = 28 -10Q and MC(Q) = 8). Write out the equation for the marginal net benefi..
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The demand of product (X) is given Qx=14-3Px+4Py. Xsells for $5/unit and Y sells for $2.5/unit. 1 what is the cross price elasticity of demand between goods X & Y at these prices. 2 What is the own price elasticity of demand at these prices
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