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Suppose the demand for ice cream in Philadelphia is given by Qd = 2900 – 6P where Qd is the quantity demanded, and P is the price of Ice cream. Also, suppose the supply of ice cream is given by Qs = 5P – 510, where Qs is the quantity supplied of ice cream.
a) Calculate the equilibrium price of ice cream and the equilibrium quantity of ice cream in Philadelphia. Show your work.
b) Suppose the actual price of ice cream is $320. Determine if there is a shortage, a surplus, or if the market is in equilibrium at a price of $320. If there is a shortage or surplus, calculate how much the shortage or surplus is.
Consider a bus company serving T number of passengers. To serve these passengers, the company needs to hire drivers and rent buses. Letting L denote the number of drivers and K the number of buses, the production function is given by T= (sq. rt.)LK. ..
Explain with examples how these three users (investor, manager and creditor) analyze financial statements and how they use it. If you were one of the three users, what statement(s) entry or entries, and ratios would you observe more critically and wh..
Consider a product that has a cost function: c(y) = 20y+25. Demand for this product is represented by the demand curve: y=1/b*(A-p). Note that this is equivalent to the inverse demand curve: p = A-by. Use the envelope theorem to determine wheter the ..
The new corporate imperative and The Employer of Choice, identify two companies to compare and contrast in terms of EOC. The companies should be similar in size based on annual revenue or number employees, but do not have to be competitors or in the ..
Suppose the Federal Reserve’s decided to purchase $20 billion worth of government securities in the open market.
Illustrate what is Ricardian equivalence. Mention and explain three reasons why Ricardian equivalence might not correctly describe an economy.
Why you think that Microsoft's current share of sales in the personal computer operating systems market is (or is not) large enough for Microsoft to set prices for operating system software as a monopolist?
If the real money demand is greater than the real money supply, interest rates must rise to reach equilibrium in the money market as institutions sell bonds to obtain more money. The federal government’s control of the money supply, which influences ..
In fact, an insurance agent explains that he is always true. Nevertheless, the engineer buys fire insurance. Explain why this is or is not a logical decision.
Describes the market structures of oligopoly and monopoly in terms of number of producers, types of products produced, barriers to entry, and whether profit can be made in the short or long run. Also, be sure to note whether oligopolies and monopolie..
You run a chain of movie theaters, so you commission a marketing study that categorizes your potential customers into 10 equal-sized groups according to what they’re willing to pay for a movie ($10, $9, $8, $7, $6, $5, $4, $3, $2, $1). What price sho..
Suppose a typical consumer's inverse demand function for bottled water at a resort area where one firm owns all the rights to a local spring is given by P = 15 - 3Q. The marginal cost for gathering and bottling the water is $3 per gallon. Find the op..
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