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The supply and demand curves for playing cards is given by: QD = 20 – P QS = 5 + 2P a. Solve for the equilibrium price and quantity using the graph paper provided. b. Solve for the equilibrium price and quantity, algebraically. c. Calculate the consumer and producer surplus.
Is there anything in what we have studied, that can point us towards an equitable solution to this problem while still protecting the environment we all share? What is that solution?
After graduation you face a choice. One option is to work for a highly regarded consulting firm and earn a starting salary (benefits included) of $55,000. The other option is to use $12,000 you have in savings to start your own consulting firm. Based..
Suppose you are given the following Total Product Function: ,where Q is total output or units produces; K, capital; L, labor; and M, materials.; that is, this is a input factor production function. Find the Marginal products of capital, labor, and ma..
Let the consumer begin in utility maximizing equilibrium at point A on indifference curve I. Next the price of good X changes so that the consumer moves to a new utility-maximizing equilibrium at point B on indifference curve II. Write the linear de..
A medical device company has a monopoly on a certain class of cardiac implants. Demand for the implants is given by P=28000-5Q and marginal revenue is given by MR=28000-10Q. The total fixed costs for the implants division is 50000 and the marginal co..
If the economy is operating at a point less than full employment (as it is now), what would we want to see happen to GDP? For right now, let's just look at the C (consumption) component of our GDP equation. What would we want to see happen to consume..
Explain how increasing returns to scale in production can be a basis for trade. If the foreign export supply is perfectly elastic, what is the optimal tariff that Home should apply to increase welfare? Explain. If the foreign export supply is less th..
Suppose you are the manager of a California winery. How would you expect the following events to affect the price you receive for a bottle of wine? Explain your answers The price of comparable French wine decreases. The unemployment rate in the Unite..
q. 1 the cost to drive on a freeway is 0 at all times of the day. this cost establishes equilibrium at 3 a.m. however
Illustrate what is her economic profit or economic loss. What happens to demand for labor. What are the new equilibrium wage rate and employment level.
q1. the husband of miss young is a monopolist with constant marginal costs of 50 that can sell to three groups of
Suppose that you take $150 in currency out of your pocket and deposit it in your checking account. Assuming a required reserve ratio of 10%, what is the largest amount (in dollars) by which the money supply can increase as a result of your action?
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