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The market supply curve for rubber erasers is given by Q_S=1+2P, where quantity is measured in thousands. The demand for rubber erasers can be segmented into two components. The first component is the demand for rubber erasers by art students. This demand is given by Q_D(A)=5/2-P/2 . The second component is the demand for rubber erasers by all others. This demand is given by Q_D(O)=3-2P
(a) Derive the total market demand curve for rubber erasers
(b) Find the equilibrium market price and quantity.
(c) Determine the consumer surplus for each type of consumer
Crepe Creations is considering franchising its unique brand of crepes to stall-holders on Hermoza Beach, which is five miles long. CC estimates that on an average day there are 1,000 sunbathers evenly spread along the beach and that each sunbather wi..
Suppose the federal reserve made a mistake and caused a recession. Then we should observe A. a high rate of money growth. B. potential output decreasing. C. interest rates rising as output falls. D. inflation increasing as output decreases. E. inflat..
How you would adjust a nominal value in one year to equal the same purchasing power in a nominal value for another year. Explain why anyone would ever want to do this.
An example of a leakage in the circular flow model is. An example of an injection in the circular flow model is. Unemployment that is a result of a wage above the equilibrium wage rate is
Suppose that Taher's pizza business operates under competitive conditions and that his short-run production function is q=20^E. How much labor does he employ if the price of each pizza is p = $12 and the hourly wage is w0 = $6? [Hint: In this case, i..
The demand function for a transit system can be represented by a straight line connecting fare per person and ridership. Observations made on this system resulted in the following: When the fare was $1.5 per ride, the ridership per hour was 2000; whe..
The long-run market supply curve in a competitive market will
Summarize the pros and cons of fixed and floating exchange rate systems. Some countries have gone to the extreme of "dollarizing" their economies. What is "dollarization"? What are the advantages/disadvantages of a "dollarized economy"? Provide examp..
What are the main factors that determine exchange rates? Why are exchange rates so volatile?
Explain why if there is no formal or informal collusion in an oligopoly market firms are more likely to match a price cut by an individual firm than they are to match a price increase? If firms in an oligopoly do indeed behave in this way (matching..
Suppose Jasmine is invited to the following dice gamble: a fair die with 6 sides showing a different number from 1 to 6 will be cast. The number on the top side of the die will be the prize money to the player. She needs to pay $4 to enter the gamble..
State your opinion whether your are Federalist or Anit-federalist whether you agree or disagree with a persuasive opposing stance of your opinion for a newspaper or a political speech to the union address?
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