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The demand curve for salted codfish (saltfish) is D(p) = 200 − 5p and the supply curve is S(p) = 5p. 1 (a) On a graph with saltfish on the horizontal axis and the price of saltfish on the vertical, draw the demand and supply curves. What is the equilibrium price? What is the equilibrium quantity sold?
(b) A quantity tax t = 2 per unit sold is placed on saltfish. On the same graph draw the new supply curve. (The price on the vertical axis remains the price paid by the demanders.) What is the new equilibrium price paid by the demanders? What is the new price received by the suppliers? What is the equilibrium quantity sold?
(c) On your graph, shade in the area that represents the deadweight loss. Calculate the deadweight loss.
q. consider a market where demand is p10-2q and supply is pq2. there is a consumption positive externality of 2.5unit
The demand function is given by p(y) = 140 - y/3. What is the level of output that will maximize profit?
q. research the current value of the following economic indicators gdp cpi nonfarm payroll employment industrial
The farmers in country A harvest and sell 150 bushels of wheat at the price of $80 per bushel. Of the total production 30 bushels are exported. If the government bans all exports of wheat, the domestic price of wheat would drop to $60. But the produc..
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In its rivalry with Westinghouse, General Electric instituted a "price protection" plan. This plan stated that if GE lowered its price, it would rebate the price difference to its past customers. Show that this plan makes collusion between GE and Wes..
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The relationship between marginal revenue and elasticity is when demand is elastic marginal revenue is positive and when demand is inelastic marginal revenue is negative
Suppose you have a sample of body weights from a population of males above 20 years of age. Your sample size is 121 men. Body weights are approximately normally distributed. Your sample mean is 190 pounds, and your estimated population standard devia..
Assume that the equilibrium price of DVD players increases and the equilibrium quantity increases. Illustrate which of the following best fits the observed data.
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