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Suppose demand and supply are given by Qd = 50 - P and Qs = ½ P - 10.
a. What are the equilibrium quantity and price in this market?
b. Determine the quantity demanded, the quantity supplied, and the magnitude of the surplus if a price floor of $42 is imposed in this market.
c. Determine the quantity demanded, the quantity supplied, and the magnitude of the shortage if a price ceiling of $30 is imposed in this market. Also, determine the full economic price paid by consumers.
Why do you think firm 1's marginal cost is lower than firm 2's marginal cost? Determine the current profits of the the two firms. What would happen to each firm's current profits if firm 1 reduced its price to $6 while firm continued to charge $8?
Discuss how is it possible to change society, for Marx, through using relationship between economy on the one hand and the political environment on the other.
what are the trade offs involved between current and future consumption/production? In the absence of government intervention, would we expect the consumers/producers to make optimal intertemporal decisions?
Based on the Coase theorem, if private parties can bargain without expense, then the private market will solve the problem of externalities
When a single seller is confronted in a market by many small buyers, monopsony power enables the buyers to obtain lower prices than those that would prevail in a competitive markets.
What is the equilibrium price and quantity and assume that changes in fashion cause the demand for tshirts to rise by 4 million at each price. What will be the new equilibrium price and quantity?
Write an introduction that states the purpose of the document; the name of the fictitious company, its location, and its import strategy; and a summary of the subjects that will be covered in the plan.
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Determine the defender's lowest EUAC what is the challenger's economic life? When, if at all, should we replace the defender with thechallenger?
What is the total product function for Dimex? The average product function? The marginal product function?
Burger Doodle is the fast-food restaurant that processes average of 680 food orders each day. Evaluate the average product cost
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