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Consider a free market with demand equal to Q= 1000 – P and supply equal to Q = 20P.
What is the equilibrium price and quantity?
Let the inverse demand curve for tennis classes is: P = 90 - 1.5Q. If the equilibrium price is $15, calculate the optimal quantity and the consumer surplus. If price increase to $30, calculate the optimal quantity and the new consumer surplus.
The price paid by buyers increases by $2 and the after-tax price received by sellers falls by $3. The government is able to raise $750 per month in revenue from the tax. Elucidate deadweight loss from the tax.
If average movie ticket prices rise by about 5 percent and attendance falls by about 2 percent, other things being equal, the elasticity of demand for movie tickets is about:
What is the short run average cost of producing 20,000 units?
Some people have argued that the government should provide medical care to everyone. Under this system: Duke is a particularly highly skilled negotiator. The law firm that hires Duke is able to collect twice as much revenue per hour of Duke's time th..
q.two firms face a demand equation given by p200000 -6q1q2 where q1 and q2 are the outputs of the two firms. the total
Given the short-run (SR) cost curve in the chart above for a firm in a perfectly competitive market, find the firm’s best output level and total profits when the market price is: a) $18, b) $13 c) $5 d) $3.
If international trade increases prices, employment, and wages among more competitive and efficient producers but has the opposite effects among less competitive and efficient producers, why should anyone listen to opponents of international trade? E..
What are the limits of the study? Write at least one paragraph. There are two deliverables for this Case Problem, the Excel spreadsheet and the written description/explanation. Please submit both of them electronically via the dropbox.
The demand curve for product X is given by QDx = 220 ? PX + 3PY + 0.001I where PY is the price of a related good Y, and I is income. The supply curve for good X is given by QSX =10+3PX. What is the marginal effect of an increase in PY on the equilib..
Calculate the maintained mark up percentage for a department under the following conditions:
Explain how would each of these traps impact the production possibilities frontier.
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