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Question
The demand for a good is P= 80 - 3Q. The supply is P= 40 + 5Q.
Assuming a perfectly competitive market:
a) What is the equilibrium price and quantity?
b) What is the consumer surplus?
c) What is the producer surplus?
d) What is the total wealth?
When decentralizing decision rights it is important that companies
Vicki is shopping for books. She prefers Great Expectations to The Chosen and prefers The Chosen to Jurassic Park. She buys Great Expectations and Jurassic Park for a total of $30. Which of the following MUST be true?
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Economists are strongly united in their belief that the stock market is
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Crepe Creations is considering franchising its unique brand of crepes to stall-holders on Hermoza Beach, which is five miles long. How many franchises should now be awarded if we make the standard assumption that the effort costs of the stall holders..
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they added five workers, and productivity also increased by 50,000 pages per day. Copiers cost about twice as much as workers. Would you recommend they hire another employee or buy another copier?
You own a franchise of rental car agencies in Florida. You recently read a report indicating that about 80 percent of all tourists visit Florida during the winter months in any given year, and that 60 percent of all tourists traveling to Florida by a..
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(a) What proportion of the figures are triangles? (b) If a circle is randomly drawn, what is the probability that it is red?
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