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Assume there are two types of consumers: type A consumers have a demand Q = 10 ? P for widgets, and consumers of type B have a demand Q = 5 ? P. Assume that there are 10 consumers of each type.
(a) Calculate the market demand.
(b) Assume that the market price for the good is $4 due to perfectly elastic indus- try supply. Using the market demand function, calculate the total consumers surplus.
(c) Calculate the total consumers surplus using individual demand functions.
Explain how has technology impacted the globalization process. Is this positive or negative in the short run? What about in the long run.
Assume demand shifts out to the right by 10 percent, the elasticity demand is 1.5 and the elasticity of supply is .5, By how much will price change.
Discuss how the aggregate expenditure function shifts in response to changes in each of time following variables:
Suppose there is a market for an industrial compound, Weon. This industrial compound is used as an input for the production of cleaning agents.
Problem on standard deviation
The ten firms have banded together to form a cartel, and the cartel sets the monopoly price. The cartel agreement limits each firm to an output of one-tenth of the total amount demanded at the cartel price.
Explain how many baseball jerseys will you sell in Los Angeles and how many in Brooklyn. What will be the price of your jersey in Los Angeles and what will be the price in Brooklyn.
Which of the following industries is most likely closest to achieving perfect price discrimination? Which of the following is an example of a natural monopoly?
Create a graph that shows Price on the Y-axis and Q demanded and Q Demanded and Q supplied on the X-axis.
Elucidate a monopoly which formed naturally or through vertical or horizontal mergers.
Each demand curve must eventually hit the quantity axis because with limited incomes there is always a price so high that there is no demand for the good.
Determine the GDP price index
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