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Suppose the demand and supply curves for a good are given by:
a. Graph the supply and demand curves.
b. Find the equilibrium price and quantity.
c. If the current price of the good is $100, what is the quantity demanded? What is the quantity supplied? How would you describe this situation? Equilibrium? Shortage? Or Surplus? What would you expect to happen in this market?
d. If the current price of the good is $150, what is the quantity supplied and demanded? How would you describe this situation? Equilibrium? Shortage? Or Surplus? What would you expect to happen in this market?
e. Suppose that the demand changes to . Find the new equilibrium price and quantity. Show this point on your graph.
The marginal cost of producing the 101st unit of output is $300. Illustrate what is the total cost of producing 101 units
Microsoft emerges to have a monopoly with over 90% of the personal Calculator operating market. Why then would it not be charging a monopoly cost.
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Illustrate wat would happen if suppliers set the price of pizza at $15. Explain the market adjustment process.
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Compare to provide also demand conditions in both locations. How many people live in every place.
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