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The following represents demand for widgets: QD = 680 – 9P +0.006M – 4PR, where P is the price of widgets, M is income, and PR is the price of a related good, the wodget. Supply of widgets is determined by QS = 30 + 3P.
A. Assume that in 2010 M = $15,000 and PR = $20. The 2010 equilibrium price of widgets is
B. The 2010 equilibrium quantity of widgets is
C. Now assume two events occur in 2012: income drops to $13,000 and supply conditions change such that QS = 50 + 3P. Solve algebraically for the new equilibrium price of widgets after these two changes.
D. Solve algebraically for the new (2012) equilibrium quantity of widgets after these two changes.
Outline a plan that managers in the low-calorie, frozen microwaveable food company could follow in anticipation of raising prices when selecting pricing strategies for making their products response to a change in price less elastic.
How much producer surplus - what is the total surplus - With the price floor at $0.17 per pound of cheese, consumers buy 211 billion pounds of cheese. How much consumer surplus is created now?
How would economic theory apply to conservation efforts towards water conservation? Can you identify how opportunity cost of use fits into water consumption?
Wisconsin is an important milk-producing state. Some people might argue that because of transportation costs, the cost of milk increases with the distance of markets from Wisconsin. Suppose the milk prices in eight cities are as follows.
the multiplier effect means that a given change in autonomous expenditures answer a. will change equilibrium income by
You are the manager of a business in a competitive market and your production technology is described by the total cost function (q) = 150 + 5q +(1/10)q2 In addition, assume the market price is p = 15 dollars.
Describe the steps in making sure that flights take off on time for an airline. Describe the different steps that must occur for an on-time plane departure.
Policymaking is much easier when the state of the economy is easily observable than when there is uncertainty about how the economy is doing, as this problem illustrates. Suppose that the economy is either in an expansion or a recession. Suppos..
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The "crowding-out effect" suggests that A. excessive population in the cities is pushing people into the suburbs.B. if consumption spending increases investment spending must decrease. C. tax increases are paid primarily out of saving and, therefore,..
Explain how too low or too high an SSNIP may lead to anticompetitive mergers not being challenged. n applying the hypothetical monopolist test, is there a difference between asking if the monopolist would find.
in the spring of last year tempe steel learned that the firm would need to re-evaluate the companys weighted average
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