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The widget industry is perfectly competitive. The industry demand and supply functions for widgets are given below.Qd = 424 - 40PQs = 40 + 8P
a. What is the equilibrium price and quantity for the industry?
b. If the government establishes a price floor of $9, explain what will result in terms of excess demand or supply.
c. If the government establishes a price ceiling of $6, explain what will result in terms of excess demand or supply.
Assume that you are going to buy a car work $25,000. You will be able to make a down payment of $3,000. The remaining 22,000 will be financed by the dealer. The dealer computes your monthly payment to be $547.47 for 28 months of financing.
Some have one year of formal training and earn the Refrigeration Mechanic Certificate if they pass the test at the end. Some take a second year of formal training and earn the Refrigeration Mechanic Diploma if they pass the test at the end. Traine..
I have two goods, Xb and Xw, for beer and wine, and I need to draw the indifference map and determine the MRS. U(Xb, Xw) = min { Xb; aXw}, a>0. What do I need to do here? What does this look like?
In the boom years of the late 1990s, it was often said that rapidly increasing stock prices were responsible for much of the rapid growth of real GDP. Explain how this could be true, using aggregate demand and aggregate supply analysis.
Susan is considering buying a 2011 Smart ForTwo costing $21,635 and finds that the retaining values of the vehicle over next five years are as follows: Percent of the total value retained after 36 months: 28% Percent of the total value retained aft..
You have made deposits of $1000 per year in an investment account at the end of each year (beginning at the end of the first year) for ten years. The account earned 6% compounded annually for the first 5 years and 9% compounded annually.
Rubax, a United States producer of athletic shoes, estimates the following linear trend model for shoe sales:
Compute the discount factor 1/(1+r)^t for r=1, 5, or 10 perent interest rates and t=30 and 50 years. remember that 1 percent is .01. based on your computation, is teh choice of discount factor important for deciding whether to do somehtinga bout..
If a corporation operates in a highly competitive industry and competes against many other companies. In the last some years, many new companies have entered the industry and firm now earns a return on investment very close to prevailing interest rat..
In late 1990s more than twenty-five domestic steel firms have filed for bankruptcy. A combination of low values with strong competition through foreign competitors and so-called legacy expenses of unions are cited as the primary reason why so many s..
The following table shows part of the demand function for tickets to an outdoor summer concert by a popular singing group: Price (P)...Quantity (Q) 50........... 100 35.......... 180 20............300 10............500
The Crockett Land Winery must replace its present grape-pressing equipment. The two alternatives are the Quik-Skwish and the Stomp-Master. The annual operating costs increase by 12% each year as the machines age. If the interest rate is 9%, which ..
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