+1-415-670-9189
info@expertsmind.com
What is its magnitude shortage or a surplus
Course:- Business Economics
Reference No.:- EM1349763





Expertsmind Rated 4.9 / 5 based on 47215 reviews.
Review Site
Assignment Help >> Business Economics

Q. There are two observations for the market supply and market demand. Assume supply and demand are linear relationships of price and quantity.
Supply= (2,5) (7,6), Demand= (105,1) (95,11).

The government sets a price floor of $5 in the above market. Is this price control binding? If so, is there a shortage or a surplus and what is its magnitude?




Put your comment
 
Minimize


Ask Question & Get Answers from Experts
Browse some more (Business Economics) Materials
For an interest rate of 12% and a lifetime of 10 years, which proposal should be selected? Calculate your answer in three ways: Using present worth on incremental investment
Suppose a person has $8 to spend only on apples and bananas. Apples cost $.04 each and bananas cost $.01 each. Furthermore, his preferences for apples (A) and bananas (B) can
Suppose a demand function is given by x(p). Then, elasticity of demand at p is -p d/dx logx(p). Using this, compute the elasticity of demand when x(p) = ap^-b, where a, b ar
where P is the price of a ticket and Q represents the number of seats (expressed in thousands). The local stadium seats a maximum of 50,000 per game. Assume that all seats are
A classic example of decision analysis using maximum payoff is medical treatment versus prevention. Many healthcare organizations and professional groups face this difficult d
According to Coase's theory of the firm, why do firms exist? How do firms contribute to the efficiency of the market economy in ways that 'networks of independent contractors'
What are the four tools that the feds use can use to alter the reserves of commercial banks, and specifically how have they been applied by the Fed to eliminate the last reces
An economist, has the following information about Lais Island, a closed economy, for the year 1820: Y = 10,000 C = 6,000 T = 1,500 G = 1,700 The economist also estimates that