Find equilibrium price and equilibrium quantity

Assignment Help Business Economics
Reference no: EM13887766

Robinson's demand for pineapples is given as Q = 40 - 4P while Friday's is Q = 20 - P. Supply is given as Qs = 6 + P, and Pc = $1.

Find equilibrium price, equilibrium quantity, and the amounts Robinson and Friday will both end up consuming.

Then- suppose Rob and Fri are actually dealing with a public good like fireworks (# of rockets) and they must consume the same quantity. Efficiency requires Robinson's willingness to pay + Friday's willingness to pay must = MRT. What is the new efficient Q, and what will Rob and Fri now each be willing to pay?

Reference no: EM13887766

How much have global trade and global production

How much have global trade and global production (gross national income) grown since World War II? What parts of the world economy have grown fastest in the last 20 years? (Be

Middle of the distribution with respect to processing time

The time it takes to process phone orders in a small gift shop is normally distributed with a mean of 6 minutes and a standard deviation of 1.24 minutes. what cutoff values wo

Estimates of the marginal productivity of medical care

Most available studies of the effects of medical ccare on health outcomes use mortality as the measure of health. If there are other dimensions to health in addition to living

Define the term opportunity cost

Define the term "opportunity cost" and include an example based on your real-world experiences. Discuss the differences between monetary costs (where money changes hands) and

Possible schemes for taxing a monopoly

Consider the following possible schemes for taxing a monopoly: Explain how each of these taxes would affect the monopolist's profit-maximizing output choice. Would the tax inc

When the company has been proven to be unethical

Larger companies like Toyota and VW will ultimately survive - they have a good deal of money and power to ride out the storm. Toyota is still a top seller - even with all the

Relationship between marginal cost and marginal revenue

What is the relationship between marginal cost and marginal revenue when a single-price monopoly maximizes profit? How does a single-price monopoly determine the price it will

Represent fixed inputs in short run for irving and gertrude

Irving and his wife Gertrude decide to take their life savings of $20,000 to buy a small retail shop. They plan to make and sell tie-dyed, University of Kentucky T-shirts. The

Reviews

Write a Review

 
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd