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Consider a market where demand is: P = 6 - Q and supply is S: P = Q.
1. Equilibrium quantity Qe is
a. 2
b. 3
c. 4
d. 5
2. Equilibrium price Pe is
a. $2
b. $3
c. $4
d. $5
3. Consumer surplus CS is
a. $0.5
b. $4.5
c. $12.5
d. $16.5
4. Producer surplus PS is
5. Total surplus TS is
a. $5
b. $7
c. $8
d. $9
Construct a budget neutral subsidy in the above market.
6. Quantity Q' is
7. Post-subsidy producer price Pp is
8. Consumer surplus CS is
9. Producer surplus PS is
10. Total surplus TS is (do not forget to account for the subsidy expenditure SE)
Discuss three ways in which the Federal Reserve can change the money supply.
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Price can be substituted for marginal revenue in the MR = MC rule when an industry is purely competitive because price minus cost equals marginal revenue. and marginal cost are the same in pure competition. is the same as average revenue.
in the free market, as does each unit of other goods. Down and Out are eligible to receive a public housing unit, which provides them with an apartment that would cost them $1000 per month in the free market at a rent of $500 per month. Draw their..
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