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The demand and supply lines in a market are as follows:
Demand: P = 21 - 2Q
Supply: P = 3+Q ,
where P is the price in dollars (vertical axis) and Q is the quantity in pounds (horizontal axis).
(a) Give a graph and solve for equilibrium price and quantity.
(b) Now suppose a tax is imposed so that the price paid by the demander is $13 and the price received by the supplier is $7. Calculate the tax revenue.
Calculate the loss of economic welfare caused by the monopolistic . If some of this lost welfare would have been producer surplus, why is the monopolist willing to forgot this surplus?
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The Hull Petroleum Company and Inverted V are retail gasoline franchises that compete in a local market to sell gasoline to consumers. Hull and Inverted V are located across the street from each other and can observe the prices posted on each other’s..
Assume the U.S. government wants to hold the value of the dollar at $1.00 U.S. equals 1000 Japanese yen, but finds that the value of yen is appreciating against the U.S. dollar. What would be an appropriate policy to reverse this trend?
Let P be the price of a stock. The broker has an initial margin requirement of m0, where 0
what would be best advice to a person who wants to lean more about political issues. Watch only television news and commentary shows daily.
Suppose housing (H) and air quality (A) are the only two things entering into Aaron's utility and the utility function is U(H, A) = A ∗ H. Suppose Aaron's income is $10 and the price of housing is $2. (a) Air quality is a non-excludable, public good ..
Assume that the marginal cost of providing lockers is zero as well as the monthly demand as well as for lockers is estimated to be best described.
AD-AS Framework: Assume that the economy is currently in short-run equilibrium but is experiencing an inflationary gap. If you are a Classical economist and believe that the economy is self-regulating, graphically illustrate and explain how the econo..
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What do we know about the proportion of peanut butter to jam held by Bob in any equilibrium? If Adam held all of the peanut butter in the initial endowment, is it possible that he end up with nothing in the equilibrium?
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