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Suppose the demand for a product is given by P = 40 - 4Q. Also, the supply is given by P = 10 + Q.A) What is the equilibrium price and quantity of the product?B) What is the price elasticity of demand at the equilibrium price?For the next 3 questions, assume that there is a $10 per unit excise tax levied on the consumers of the product.?C) What price will buyers pay after the tax is imposed?D) What is the deadweight loss created by the tax?E) What is the quantity of the good that will be sold after the tax is imposed?
In what ways can the GFC be seen as being part of the business cycle and what are the possible longer term effects of the GFC?
Elucidate what are some economic conditions that affect the cost of money
As a monopoly is the only source of supply, consumers are entirely at its mercy. There is no limit to the price the monopoly can chargeâ. Evaluate this statement.
Steve plans to take the contract that provides him with the highest net present value. At what discount rate would he be indifferent between the two contracts.
Assume that the economy is currently in a recession. If policy makers take no action, how will economy evolve over time? Describe in words and using an aggregate demand diagram.
Given the table of marginal utilities for CD's and century books, calculate the optimal quantity and total utility at equilibrium. Draw Sarah's budget line for part a and her budget line for part b on the same graph.
One of the important points of week one is scarcity and it applies to resources. What are resources Give some examples of the resources that you have at your disposal and how you use those resources. What makes them scarce
Find out an article on decreased consumer spending, list the name of the article and provide the link to it.
Illustrate this strategic interaction using a game in normal form and has WallMart a strictly dominant strategy? Has it a strictly dominated strategy? Clearly explain.
To best serve customers interested in buying cars over Internet, Smart Motors, hire Nora Jones to respond to customer inquiries.
Manchester Foundry produced 45,000 tons of steel in March at a expenses of $1,150,000. In April, foundry produced 35,000 tons at a cost of $950,000.
Suppose the effects of a change in the money supply in an open economy under a flexible exchange rate system. How are your conclusion affected by the adoption of a fixed exchange rate.
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