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Consider a market where supply and demand are given as:
Qd = 56 - 2P Qs = -10 + P
Suppose the government imposes a price floor of $25, and agrees to purchases any and all units consumers do not buy at the floor price of $25 per unit (3 points)
a. Determine the cost to the government of buying firms' unsold units.
b. Compute the social welfare (deadweight loss) that stems from the $25 price floor
Suppose your product is Wendy's hamburgers. First "draw" the demand and suppy curve and see how the equilibrium price and quantity is determeined.
what would this price be in order to eliminate the deadweight loss. Show and explain. Why would the monopoly not charge this price? Show and explain.
Jamaica is the 4th largest island nation of the Greater Antilles.It is situated in the Caribbean Sea south of Cuba, and west of Hispaniola, the island containing the nation-states of Haiti and the Dominican Republic. Jamaica is the 5th largest isl..
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Mr. Smith is president of a firm that is the industry price leader; that is, it sets the price and other firms sell all they want at that price. The other firms act as perfect competitors.
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Determine the marginal cost for bottle of wine and what will be the reduction in number of crashes at that intersection achieved by the mayor?
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