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A market has a demand curve described by P=30-Q, a supply curve described by P=16+Q, and a price ceiling of 20. Calculate the Total Surplus of the market with the price ceiling
Assuming that the Hawaiian Sea Salt Company is able to charge different prices in the two markets, what are the profit maximizing prices and output levels for sea salt in the two markets?
Suppose the own price elasticity of demand for good X is -3, its income elasticity is 1, its advertising elasticity is 2, and the cross-price elasticity of demand between it and good Y is -4.
Suppose that Ian and Mike are cottagers on opposite sides of a small lake. Ian values electricity at his cottage at $500 and Mike at $700, but in order to get electricity for their properties a trunk line costing $1000 must be built. If they are unab..
Explain how many ships should be produced month if world chip costs are $62 per chips. Forecast the HSE's profit at this output level.
Elucidate how and why the unemployment rate fluctuates with the inflation rate as is depicted in the Short-Run Phillips Curve.
q1. for mgtp2 the demand functions for good 1 and 2 are given by the equations x1mp2-1 and x2p1p2 where m is income and
q1. frank gunter owns an apple orchard. he employs 57 apple pickers and pays them 15 per hour to pick apples which he
Illustrate what are equations for IS and LM curves. Illustrate What is equilibrium level of income and interest rate.
Explain why this formulation of consumption may provide a more accurate description of consumption than the simple consumption function that depends only on current income.
Calculate the deadweight loss from the tax. Elucidate the tax be defensible in spite of the deadweight loss.
Why do you believe that it is important for managers to understand both short run and long run supply and demand? Cite one hypothetical or real life example that illustrates your response.
Suppose people freely choose to spend 40 percent of their income on health care, but the government decides to tax 40 percent of a person's income to provide the same level of coverage as before. What can be said about deadweight loss in each case?
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