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The table below shows the demand and supply schedules for boxes of chocolates in an average week.
a- Draw a figure showing the demand curve and the supply for boxes of chocolates. What is the market equilibrium price and the market equilibrium quantity?b.If the price of chocolates is $17.00 a box, will there be a surplus or a shortage? Of how many units? Explain how the market can adjust?c- Suppose that for the New Year the price of chocolates box decrease. The new price is $14.00 a box. Will there be a surplus or shortage? Of how many units? Explain how the market can adjust?d- During Valentine's week, more people buy chocolates and chocolatiers offer their chocolates in special red boxes, which cost more to produce than the everyday box. By using the previous graph, show on the adjustment process to the new equilibrium. Then, describe the changes in the equilibrium price and the equilibrium quantity
Economic growth is a major issue in the current presidential election. The Romney campaign argues that tax cuts for investment is the best way to encourage economic growth. The Obama campaign says that government spending on infrastructure and edu..
A monopoly is manufacturing a level of output at which price is $80, marginal revenue is $40, average total expenses is $100, marginal cost is $40and average fixed cost is $10.
Moreover, she can expect a 5% salary increase each year with this employer. Apply the concept of opportunity cost to calculate the economic cost (as opposed to the accounting cost, which would not factor in opportunity cost) of pursuing the MBA ov..
1. the price of french fries falls by 10 per cent and quantity of french fries demanded increases by 12 per cent. we
Supply-side economics, during President Reagan’s administration, involved the supply component of the supply-demand equation. stressing the importance of tax cuts for businesses.or else.
Suppose that aggregate price level is constant, interest rate is fixed, and there are no taxes on foreign trade, how much will the aggregate demand curve shift and in what direction if the following events occur?
Discuss how the requirement of a goods and the availability of substitutions impact price elasticity.
Joe and Matilda are two farmers, each cultivating some acreage of corn in Wisconsin. Their plots share a border and a reservoir straddles the boundary. Each draws water from the reservoir for their crops. Joe's marginal net benefit for water is g..
A firm produces output according to the production function Q=K^(1/2)L^(1/2). If it sells its output in a perfectly competitive market at a price of 10, and if K is fixed at 4 units, what is this firm's short-run demand curve for labor
(Elasticity and Total Revenue) Explain the relationship between the price elasticity of demand and total revenue. (Determinants of Price Elasticity) Would the price elasticity of demand for electricity be more elastic over a shorter or a longer per..
What is the real wage as determined by the price-setting equation and what is the natural rate of unemployment?
Optimal consumption. The following Table describes the demand for tickets to the opera, during the two=-week season.
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