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The city of Cabernet is very popular for its production of wine. The inhabitants of the city have an aggregate demand for wine that can be described as follows:
where Qd is the demanded quantity in bottles of wine and p is the price in euros per bottle. The producers' aggregate supply is:
whereQs is the supplied quantity in bottles of wine. The city makes only one quality of wine. a) Search the equilibrium price and quantity.
b) Compute the consumer and producer surplus, as well as the total welfare in the city of Cabernet.
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In the city of Gelato the market for ice cream is perfectly competitive. Aggregate demand for ice cream is: where p is the price for one cone of ice cream. All ice cream pr
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p=10, TC= 1000+2Q+.01Q^2, Q=?
Theory of consumer behavior
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