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Equilibrium in the Kiwifruit Market. Consumers are willing to pay 10 cents for a sour kiwifruit and 30 cents for a sweet kiwifruit. The minimum supply price for sour kiwifruit is 6 cents and the minimum supply price for sweet kiwifruit is 18 cents. The slope of each supply curve is 1 cent per thousand kiwifruit. (Related to Application 2 on page 624.)
a. Suppose consumers initially expect a 50 50 mix of sweet and sour kiwifruits. Is this an equilibrium? Illustrate with a graph.
b. Suppose consumers are pessimistic, expecting all sour kiwifruit. Is this an equilibrium? Illustrate with a graph. What is the price of kiwifruit?
c. Suppose the state outlaws sour kiwifruit, and they disappear from the market. What happens to the equilibrium price of kiwifruit? What is the equilibrium quantity of sweet kiwifruit?
The widget market is competitive and includes no transaction costs. Five suppliers are willing to sell at the following prices: $30, $29, $20, $16, and $12. Five buyers are willing to buy one widget at the following prices: $10, $12, $20,$24, and ..
assuming product price is $32. With $32 in place of $56, its costs us $52.50 and we sell it for $30. This does not produce in the short run. The loss-minimizing outcome would be a loss of $22.50. The economic loss would be if you take the loss of ..
Adding to table 11.1, if read GDP in 2002 were $10,048.8 billion and nominal GDP in 2002 were $10,469.6 billion, calculate the percentage change from 2001 to 2002 in nominal GDP, real GDP, and price level. What is the value of the GDP deflator in ..
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Let's now look at the facts (data). FRED (http://research.stlouisfed.org/fred2/) is a good source of economic data, especially about money. Click on the "popular series" tab in the FRED homepage.
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