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Refer to Table 4-5. The equations above describe the demand and supply for Chef Ernie's Sushi-on-a-Stick. What are the equilibrium price and quantity (in thousands) for Chef Ernie's sushi? Table 4-5 Demand Supply P = 80 - QD P = 50 + 1/2 QS QD = 80 - P QS = 2P - 100 A) $40 and 50 thousand B) $60 and 20 thousand C) $80 and 80 thousand D) $50 and 100 thousand
Compare and contrast your local utility company with a local farmer (corn, soy bean, cotton, etc.). Why does your utility company always operate with price is greater than marginal cost whereby the farmer attempts to produce where price equals mar..
What are the advantages and disadvantages of free trade From an economic point of view, is free trade better than limited or no trade? Have you benefited from free trade How How is the economy impacted by trade
Explain the factors of production and give an example for each one and what is the difference between a normal good and an inferior good? How does this relate to the demand curve
Sleak Teak builds yard furniture using domestic hardwoods and (in a smaller shop) knick-knacks form the same sort of wood. Although hardwoods were readily available in the past, recently they have become harder to obtain. Consultation with the man..
A monopolist is currently producing a level of output where Price = $110; Marginal Revenue = $10; Quantity = 100; Total Cost = $15,000; Marginal Cost = $10; Total Fixed Cost = $4,000.To maximize profits in the short-run, the monopolist should do.
The main difference between perfect competition and monopolistic competition is, rices under an ideal cartel situation will be equal to
Markets are a very good way to organize economic activity in our economy. Why do we classify price floors and ceilings as a type of market failure and why does the government need to get involved in these types of markets
Some states have had laws restricting the sale of most goods on Sunday.oppose such laws because they find Sunday afternoon a convenient time to shop.
Make a short treatment on the examine governments take to promote exports and restrict imports. Describe who profits and who loses from protectionist rules as they relate to net outcome for society.
Find the inverse demand curve. How much consumer surplus do consumers receive when Px=$35? How much consumer surplus do consumers receive when Px=$25? In general, to the level of consumer surplus as the price as the price of a good falls?
The price of MP4 players has been going down in the past decade. Give an explanation for this consistent drop in the price of MP4 players. Use the model for long run competitive firm to illustrate your answer. Draw two graphs. One is to show the ..
The U.S. Entergy Information Agency supplies current and historical data for world crude oil prices. Look both at current and historical data on world crude oil prices. Over the last six months, do you think the price of crude oil has produced an ..
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