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Describe what will happen in the market in the following situations.. Will there be a shortage or excess? A deadweight loss? if so, calculate the amounts. a. the government establishes a price ceiling of $30 per bushel of wheat. b. the government establishes a price ceiling of $10. c. the government establishes a price floor of $30. d. the government establishes a price floor of $10. e. price and quantity in the market compared to the desired equilibrium? Identify an example of a price floor.
The Charm City Bakery makes coffee cakes and Danish pastries in large pans. The main ingredients are flour and sugar. There are 25 pounds of flour and 16 pounds of sugar available. Formulate a linear programming model for this problem. Find the optim..
The market demand for woozles is given by: There is only one available technology, and it is employed by all producers actual and potential. It implies the following average cost function:
A monopolist face a market demand curve given by QD = 22 - p. What is the value of the marginal revenue of the 4th unit produced?
q.university of richmond professor erik craft analyzed the states pricing of vanity plates. he found that in california
Why does the slope of the aggregate supply curve change from the short run to the long run? What are the differences between classical theory and what Keynes believed?
Suppose the government institutes a tax of $40.60 per bottle, to be paid by the seller. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in..
Consider a perfectly competitive market where demand is given by P=84.20-2.15Q and supply is given by P=12.78+1.20Q. Calculate the equilibrium quantity and price.
Tom earns $15 per hour for up to 40 hours of work each week. He is paid $30 per hour for every hour in excess of 40. Tom faces a 20 percent tax rate and pays $4 per hour in child care expenses for each hour he works. What is Tom’s endowment point? In..
What will happen to the price and quantity? What will happen to the amount that domestic producers supply? What will happen to revenues of domestic and foreign producers?
Suppose there are 30 identical hot pretzel stands operating in New York City. Each stand has usual U-shaped average-total-cost curve. Market demand curve for pretzels slopes downward and market for pretzels is in long-run competitive equilibrium.
what is the probability that sample variance would be less than 100? what is the probability that sample variance would be more than 500.
Imagine that it is the year 2199. Technology has progressed at an incredible pace. The latest discovery is the plutonium engine, which is capable of converting plutonium, a by-product of nuclear fission, into fuel to power the nuclear reactors in our..
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