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In the last month, the price of gasoline increased by 20%. Your job is to determine what caused the increase in price: a change in demand or change in supply. Ms. Info has all the numbers associated with the gasoline market and she can answer a single factual question.(she cannot answer the question "was the higher price caused by a change in demand or a change in supply)
A. what single question would you ask?
B. Provide an answer to your question that implies that the higher price was caused by a change in demand. Illustrate with a complete graph.
C. provide an answer to your question that implies that the higher price was caused by change in supply.Illustrate with a complete graph.
Joe sells vacuums. Given the demand for vacuums at P= 15 - .001Q. Joe faces constant cost of $3 per vacuum and $5,000 fixed cost. What is the dead weight loss given profit maximized out put is 6,000 units and rpice 9$
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Chuck, Michael and Hakeem are three retired basketball players. They determine that in Madison there is demand for private basketball coaching. The demand and supply curves for private basketball coaching are Qd = 50
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