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Suppose the demand and supply curves for a large cheese pizza are given by:
Qd = 100 – 5P
Qs = 12 + 3P.
Using the demand and supply functions above, the equilibrium price of a pizza is ____, and the equilibrium quantity is ____. Illustrate your answer.
On the same graph above, show the effect on equilibrium price and quantity of a) an increase in the price of cheese, and b) a decrease in consumer income (assume pizza is a normal good)
Compute CS, PS and aggregate surplus. Illustrate on Graph.
Government wants to increase its revenues. Legislators decide that they will impose an excise tax of $2 per pizza on pizza vendors. Using the demand and supply curves above, the new equilibrium price and quantity of Pizza’s would be _____, ______. The producers will receive a net of tax price of ____. The government will collect total tax revenue of ______. Illustrate your answer.
Compute DWL. Illustrate DWL in the graph above. Briefly explain why the tax causes a dead weight loss.
Choose on which market structure that these businesses fit - monopolistic competition, perfect competition, and oligopoly also monopoly.
The price level in the economy in 2007 and 2008 rose from 100 to 105. In 2008 and 2009, the price level increase from 105 to 110.25. How does the short-run Phillips curve forecast the unemployment rate will change as a result?
questionfor a labor market in a city or region assume that wages under bad times is 100 and under good times is 150.
Calculate the price of elasticity of demand for paint and show your calculations. decide whether the demand for paint is elastic,unitary elastic, or inelastic. explain your reasoning and interpret your results.
What must the CFO expect about the Australian Dollar/US$ exchange rate 1 year from now if she chooses to invest in the US $ CD's instead of the Australian CD's.
It is assumed that quantity of item is intended of other items find out probability that first faulty item doesnot occur in the first six selected items.
the assignment is to determine the same information on the demand for gasoline tab using the information in the example
Draw a set of indifference curves that would make it optimal for him to work 4 hours of overtime each day.
Show what happens to one or both curves for the given scenarios. If the scenario does not change either curve, leave them in their original positions.
In general conclude which of the five competitive forces has the most significant impact on approach.
What economic problem might exist for the government to make this fiscal policy change? If the government wanted to achieve the same change in GDP as in part k by cutting taxes instead, how large would the tax cut have to be?
Assuming that all of each firm's $16 fixed cost is sunk, what is a firm's short-run supply curve?. What is the short-run market supply curve? c. Determine the short-run equilibrium price and quantity in this industry.
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