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Assume that demand for a commodity is represented by the equation P = 10 - 0.2 Q d, and supply by the equation P = 2 + 0.2 Qs where Qd and Q s are quantity demanded and quantity supplied, respectively, and P Is the Nice. Use the equilibrium condition 0, = 04,
1: Solve the equations to determine equilibrium price.
2: Now determine equilibrium quantity.
3: Graph the two equations to substantiate your answers and label these two graphs as Dl and SI.
4: Furthermore: assume the demand for this product increases because of a change In income.
A: graph the new demand curve and label as D 2.
B: What will be the new equilibrium price and quantity compare to the initial one.
C.Is this product normal good or Inferior good?
Describe and answer in economic terms the question, should a company hire temp teachers or hire new teachers?
One popular voting scheme is rank order voting, where persons assign a rank (1,2,3) to the possible options; the assigned ranks are then added up and alternative with lowest sum wins.
Explain why do economists attempting to forecast short run future changes in real GDP and employment look closely at data on business inventories and unfilled orders.
Elucidate how globalization affects the gross domestic product (GDP). Explain your thoughts on globalization in your own words.
Of the total liabilities, $190 million were deemed to be financing liabilities. Make a reformulated balance sheet that distinguishes items involved in operations those involved in financing activities.
Fill in the following table assuming that policy makers have a correct model of the economy, follow the Taylor rule, and the economy has the two one period lags.
Choose five innovations associated with the Industrial Revolution and five innovations from the Technological Revolution. For each innovation, identify the effects it had on individuals, societies, businesses, and politics.
Assume that you're a member of the Board of Governors of Federal Reserve System. The economy is experiencing a sharp decline into a recessionary phase of the business cycle.
Compute total revenue at each and every price for this demand curve.
Two identical firms face linear demand. Market demand is given by P=30-Q.Solve for Stakelberg equilibrium prices and outputs.
In article on the steel industry, The Wall Street Journal noted that as steel prices were falling, steelmakers were not cutting production
What is the optimal level of production of wine decanters? Verify that this level of output maximizes not minimizes profit
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