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Use the following general linear demand relation: Qd = 680 - 9P + 0.006M - 4PR where M is income and PR is the price of a related good, R. If M = $15,000 and PR = $20 and the supply function is Qs= 30 + 3P, equilibrium price and quantity are, respectively,A) P = $55 and Q = 195. P= $6 and Q = 38. P = $12 and Q = 200. P= $50 and Q = 170. P = $40 and Q = 250.
George has been selling 5,000 T-shirts per month for $8.50. When he increased the price t0 $9.50 he sold only 4,000 T-shirts. What is the demand elasticity? If his marginal cost is
When Sonoma Vineyards reduces the price of its Cabernet Sauvignon from $15 a bottle to $12 a bottle, the result is an increase in a. the demand for this wine b. the supply of
For a single nonprofit provider, describe an output-maximizing model to predict supplier behavior.
multiplier static and dynamic
Explain the difference between productive and allocative ( economic ) efficiency. Explanation of productive efficiency, e.g. output at AC minimum Define to the effect th
According to Keynes, the economy could become stuck at a low income level if: A. aggregate demand and aggregate supply are independent of one another. B. declines in aggregate dema
Using the PPC show what is meant by the law of increasing opportunity cost and explain (state) why that law exists. Why is that law important when deciding whether or not to watch
Those economists who believe that monetary policy is more potent than fiscal policy argue that the: A) Responsiveness of money demand to the interest rate is large. B) Responsive
what are the opportunity cost?
is there a graph for says law?
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