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Demand, supply and the determination of market price
1. For a particular week in June, three families - Smith, Jones and Brown - have the demand schedule for strawberries shown below. Assuming these three families comprise the whole market, calculate the market demand for strawberries and plot it on a graph. On the same graph plot the supply function using the data in column A. What are the equilibrium price and equilibrium quantity?
Now suppose that favourable weather conditions produce a bumper crop. Growers will be willing to sell more at each of the old prices. This causes a shift of the whole supply function. Plot this new supply function from the data in column B. What are the new equilibrium price and quantity?
Assume the recent volcanic events in Iceland, which disrupted European air travel significantly, represented just starting. In other words, assume that experts forecast a world-wide series of big eruptions from active volcanoes.
Health plan guaranteeing that all qualified participants can purchase MRI tests at an effective price to the individual of $100 per test. How many MRI tests are now demanded? Is the result in the market a surplus or shortage?
write a report based on the podcasts & the news article in the text and a critique as well (do you agree with Mankiw's view that "Consenting adults should be able to make economic trades
Assume the market for natural gas can be explained by, Where P is the price of natural gas per million BTU, Q(D) is the quantity demanded and Q(S) is the quantity supplied of million BTUs of natural gas a day.
Explain and discuss the differences between private goods, public goods, natural monopolies, and open-access goods.
A grocery store notices that the cross-price elasticity between ice cream and chocolate syrup is -.3. The store is advertising a sale with ice cream prices reduced by 20%.
The government wants to decrease the consumption of electricity by 10 percent. The price elasticity of demand for electricity is -0.4.
Give a brief summary of economic costs. In the short-run, why might a firm still operate even when there is a loss.
Consider the production function Q=100L^.5K^.4. Suppose L=1 and K=1 so that Q=100. Explain the nature of returns to scale for this production function.
Derive the firm's supply curve, expressing quantity as a function of price. Determine the market supply curve if North Carolina Textiles is one of 1,000 competitors. Compute market supply per day at a market price of $47 per unit.
The queue length and waiting time for clients including and excluding the service time and the probability that there will be more than 2 customers waiting
Choose any one topic out of the following , • Water , • Energy , • Agriculture , • Forest
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