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The point of equilibrium is the intersection of the supply and demand curves. The point of equilibrium changes based on movements in these two curves. What are some of the ways these curves shift and what is the corresponding change to the point of equilibrium?
Assume that the demand and supply functions for good X are as follows: What is the equilibrium price and equilibrium quantity?
Find Total Revenue or profit
Determine how the following situations will affect the demand curve for ipods.
The switch to the use of HFCS from sugar in soft drinks was prompted in large part by its relatively lower price. Assuming a competitive market, what effect would this change have on the equilibrium price and output for soft drinks?
If the goal of the transit authority was to maximize total revenues, what is the new price it should set? Also, what would the total revenue raised in this new price scheme?
Describe the effect of each of the following events on the market for labor in the computer manufacturing industry. Use graphs.
Why is it significant for managers to understand both short run and long run supply and demand? Please give one hypothetical or real life example which illustrates your response.
Future economic glowth
In a practical sense, write your opinions on the effect a rule stating that university students must live in university dormitories would have on the price elasticity of demand for dormitory space.
Assume a manager of a profitable department store you're confronted with the pricing problem. You've two types of customers
Graph the supply and demand schedule for pizza using $5 through $15 as the value of p. In equilibrium, how many pizzas would be sold at what price?
Describe the law of demand. Why does a demand curve slope downward? What are the determinants of demand? What happens to the demand curve when each of these determinants changes?
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