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Market Equilbrium
You are providing a minimum of 275-300 words
In microeconomics, we are concerned about markets being in equilibrium. This refers to the point at which price, supply, and demand, are in equilibrium.
Explain what it means to have a market in equilibrium, and how changes in supply and price would affect this equilibrium.
Make certain you include an example to illustrate your explanation and include one reference.
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Provide a few examples of the problems which could result if the objective function and constraints are not stated properly. Elucidate why would these problems arise?
Imagine that a customer visits your company complaining about a missing button on a shirt that he or she purchased last week. Using the steadiness personality style, write a script about the scenario that resolves the situation.
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