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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.
Consider the following Marginal Private Cost (MPC), Marginal Social Cost (MSC) and market demand curves. These curves relate to a market for a product, the production of which gene
Once we have monthly data on a price index we can evaluate the inflation. In most nations, the percentage change in price index during one month is small. Hence it is more common t
What are the indicators of development? Economic development is a complicated multi-dimensional idea. Preferably each aspect of development needs its own indicator. • Prof
what are the purposes of taxation?
Describe in detail about Exchange rate systems Various countries have different exchange rate systems. The most significant characteristic of an exchange rate system is to what
Given the following data for StewieLand, a closed economy in 2012… real gdp = $20,000 public savings = $1,000 consumption = $11,000 tax revenue collected = $4,000 Solve for
Explain how changes in the quality of health care will influence the demand for care.
The following is the information from the national income accounts for a hypothetical country: GDP
Explain the adjustment to the new equilibrium price from an increase in supply.
Q. How to evaluate total savings? Total savings Total savings S(r) depends positively on the real interest rate Remember that total saving
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