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This is the market data for Vespa motorbikes in Houston. Demand: P = 400 - 0.50Q Supply: P = 260 + 0.20Q where P = Price and Q = Quantity.
a. Calculate the equilibrium price and quantity.
b. Calculate the consumer surplus in this market.
c. Calculate the producer surplus in this market.
Exportof goods and services to foreigners is $1 million and import of goods and services from foreigners is $1.5 million.
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Suppose that a firm’s production function is Q = min{K, L}. Currently, the wage is w = 8 and the cost of capital is r = 8. What is the minimum cost method of producing Q = 40 units of output? Suppose that wages fall to w = 4. Keeping total cost the s..
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Roshima is researching universities where she could study for her MBA degree. She is considering 3 major attributes that she considers important in her choice
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