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Questions: Assume that the demand curve D(p) given below is the market demand for widgets: Q=D(p)=1337-14p , p > 0 Let the market supply of widgets be given by: Q=S(p)=-3+6p , p > 0 where p is the price and Q is the quantity. The functions D(p) and S(p) give the number of widgets demanded and supplied at a given price.
- What is the equilibrium price? Please round your answer to the nearest hundredth.
- What is the equilibrium quantity? Please round your answer to the nearest integer.
- What is the consumer surplus at equilibrium? Please round the intercept to the nearest tenth and round your answer to the nearest integer.
- What is the producer surplus at equilibrium? Please round the intercept to the nearest tenth and round your answer to the nearest integer.
-What is the unmet demand at equilibrium? Please round your answer to the nearest integer.
State whether each of the following events will result in a movement along the market demand curve for labor in electronics factories in China or whether it will cause the market demand curve for labor to shift. If the demand curve shifts, indicate w..
The demand for its perfumes faced by Bathworks is given by Q = 250 - 0.5P. Bathworks's costs are given by TC = 50Q + 5.5Q2. Its maximum monopoly profit is:
The fixed cost of running a private practice is $36,000 per year. The variable cost of providing consultation services from this private practice increase by $30 per consultation for any level of production up to 3000 units. The average and marginal ..
American Tire and Rubber Company sells identical radial tires through two channels. Marginal Cost is a constant $10 per tire, regardless of the sub-market in which the tire is sold. The firm has estimated the following demand curves for each market: ..
If each store sets its advertising expenditures independently (as in Nash equilibrium), how much would store 1 spend on advertising?
This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas.
By what percentage did the GDP of Canada increase from 1990 to 2000 in U.S. dollars?
you should note whether the scenario indicates a shift of the curve or movement along the curve. you are a supplier of widgets. What technology available to produce your product suddenly improves.
What is your definition of success in your work life? What can you do to ensure that you achieve success? What should you avoid doing?
Sketch a graph which shows the lost gains from trade that result from having a monopoly.
sales in joint facilities are lower than sales in two separate facilities. Elucidate what do these numbers imply for the decision of when to open a shared facility versus two separate facilities.
At a unit price of KES 16,000, the demand of a product is 300 units and at a unit price of KES 48,000 the demand is 100 units. At a unit price of KES 30,000 the
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