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In 2001, the US market of sunflower oil was described by the following domestic supply and demand equations:
Qdus =5000-2p Qsus = -3000+8p
where Qdus and Qsus represent the quantities demanded and supplied (in billions of metric tons) and P is the price per metric ton of sunflower oil(in$).
What was the market equilibrium rice per metric ton of sunflower oil? How many billions of metric tons were sold at this price (what was the market equilibrium quantity)? At this market price, what were revenues for US sunflower oil producers?
Sandstone Corp has one manufacturing plant that operates on a single-shift/5 day workweek. The plant operates at full capacity (24000 units per week) WITHOUT overtime or extra shifts. At what volume of additional unit output does it make sense to ope..
In order to financially stimulate the nation, the Federal government injected $900 billion dollars into the economy. However, the results were less than spectacular. What was the implied change in income as a result of the stimulus package?
Suppose that a small town has seven burger shops whose respective shares of the local hamburger market are (as percentages of all hamburgers sold): 27%, 26%, 23%, 11%, 7%, 4%, and 2%. What is the four-firm concentration ratio of the hamburger industr..
q. the zinger company fabricates as well as sells a line of sewing machines. demand per period q for a scrupulous model
Consider the following duopoly game: each of 2 firms can produce as much of a good as he wishes at marginal cost 1 (i.e., producing q units costs 1q = q in total), and the market demand curve is given by Q(p) = 10p - p. Find the inverse market demand..
Perfectly competitive markets are considered by economists to be effcient. Therefore government should let those markets run freely without intervention. The provisions of health care insurance, however, are mostly regulated by government in most dev..
If you cannot think of a real example make up a fictional account which would explain this fallacy.
You are manager of BlackSpot Computers, which competed directly with Condensed Computers to sell high-powered computers to businesses. From the two businesses' prospective, the two products are indistinguishable.
Both Ingrid, Inc. and Sydney, Inc. buy gasoline from the same supplier and can buy all they want at $2.20 per gallon. Assuming that both companies want to maximize their profit and do not violate any collusion laws, how much will each firm sell (i.e...
A manufacturer of a product reports that the marginal product of labor is 10 units of output per hour of labor and that the marginal product of capital is 2 units of output per unit of capital. the price of labor is $20 and the price of capital is $4..
International businesspeople need to pay close attention to countries’ Balance of Payment (BOP) statistics for several reasons. Which of the following is a reason for paying attention to BOP statistics?
Brainstorm the issues and list some pros and cons of offering financial incentives for donating human organs. Then take a side in the debate and write a short paragraph or two supporting your position.
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