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Answer the following questions based on the graph that represents J.R.'s demand for ribs per week at Judy's Rib Shack.
a. How high must the price of ribs be for Judy to supply 20 ribs to the market?
b.At the equilibrium price, what is the magnitude of total surplus in the market? Show all the steps.
c. If the price of ribs fell to $5, what would happen to Judy's producer surplus? Explain why. Be precise.
d. Using your words, explain why the graph verifies the fact that the market equilibrium maximizes the sum of producer and consumer surplus.
e. What happens to the quantity consumed in this market if the government imposes a price-ceiling equal to $1? Using words, explain why.
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can you help me figure out how to create a graph with little or no information
0.767 g of phosphorus and 0.650 g of chlorine were allowed to react. After the reaction was complete, all of the chlorine had been consumed, but 0.650 g of phosphorus remained. How
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Provide an economic explanation of what you have shown in your diagram above. Iceland was a small open economy with perfect capital mobility. Consequently, the equilibrium domesti
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two countries workland and playland have similar population and identical production possibilities curves but diffrefences . the procuction possibilities combination are as follows
define and explain theory of production?
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