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Suppose the individual function for a specific Shaquille O'Neill's basketball card is given by:
Qdx= 12-2Px
And the individual supply function for the same card in Hampshire County's flee market is given by:
Qsx = 20 Px
And suppose that there are 10,000 teens willing and able to buy this card from another 1000 Sellers.
a. Find the market demand function and the market supply function for this card.
b. Mathematically obtain the equilibrium price and equilibrium quantity.
c. Construct the Demand and Supply table and mark the equilibrium price and quantity.
d. Plot the Demand and Supply curves and mark the equilibrium price and quantity.
e. Add to the table obtained in c, the shortage and surplus columns and mark their areas on the graph.
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In Britain price competition among book- shops has been suppressed for over 100 years by the Net Book Agreement (of 1900), which was aimed at preventing price wars. However, in October 1991 Waterstone and Company began cutting book prices at its 85 B..
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The Fed seeks to promote stability of financial markets because
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Suppose that currency in circulation is $600 billion, the amount of checkable deposits is $900 billion, traveler’s checks are $0, excess reserves are $15 billion, and the required reserve ratio is .15. a. Calculate the M1 money supply, the currency-d..
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