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Assume the demand and supply functions for a good are Qd = 200 - 5P + 0.002 INC0 , Qs = -100 + 8P , where INC0 is the exogenously determined average income.
(a) Find the equilibrium price and quantity if the average income is 45,000 dollars.
(b) Draw the demand and supply curves.
(c) Assume average income rises to $50,000. Write and graph the new demand function.
(d) Find the new equilibrium solution. What is the impact of rise in income?
a profit maximizing monopolist is earning a positive economic profit. the wage it pays its workers rises. how will the
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When price of coke rises from $5 to $7, quantities demanded for coke falls from 1000 to 800, and quantities demanded for pepsi rises from 300-400. Calculate the cross elasticity of demand, using the mid-point approach.
1. what are the highest and lowest payments from the writer that the bookkeeper farmer team will accept for the 6th
When companies expand into the international arena, they do so either because their home market has matured or because they see real opportunities in the foreign market. Discuss which kinds of international strategies are most appropriate for compani..
employees who are represented by a uion are paid approximately 30 more in terms of pay and benefits costs than
This assignment problem from economics and it is focuses on Nash equilibrium or game theory, introduced by Prof. John Nash. A case study involving game theory in deciding dominant strategy for two competing multiplexes is given.
Joe quits his computer-programming job
Long-run equilibrium for a monopolistically competitive firm where economic profits are zero results from:
Give a brief summary of economic costs. In the short-run, why might a firm still operate even when there is a loss.
An increase in the minimum wage could increase employment but decrease income. reduce employment and decrease income. increase employment and increase income. reduce employment but increase income.
A firm with market power produces widgets at marginal cost of $10 per unit and zero fixed costs. It faces demand function given by P = 50 - Q. Find out the marginal revenue for the firm?
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