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The information below represents the demand and supply schedules for a product:
Demand Schedule Supply Schedule Price Quantity Demanded Price Quantity Supplied 200 0 200 2100 160 300 160 1700 120 600 120 1300 80 900 80 900 40 1200 40 500 a. Using graph paper, plot the demand curve, with price on the vertical axis and quantity on the horizontal axis. Find the slope of the line you have drawn. (If you do not have access to graph paper, you can print graph paper from the following:
b. On the same graph, plot the supply curve.
c. If the price in this market were $160, explain why this would not be the market equilibrium price.
d. Find the equilibrium price and equilibrium quantity exchanged for this market.
Calculate the present discounted value of each career path at a discount rate of 5% and at a discount rate of 15%.
The government dislikes smoking, and likes tax revenue. If they wanted to increase the after-tax price to $10 per pack, what size of excise tax must be placed on sellers? How much revenue will it raise? What will be the Deadweight Loss?
Assume that the Keynesian short run aggregate supply curve is applicable to a country's economy. Construct appropriate diagrams to assist in answering the following questions:
Define any key terms that you feel are important in answering the following question as they are defined in the textbook and explain, in your own words what those definitions mean , and then thoroughly analyze each situation to answer the following q..
Compute the formula for Bob's indi erence curves by setting and compute Bob's MRS as a function of C and P
Assume the recent volcanic events in Iceland, which disrupted European air travel significantly, represented just starting. In other words, assume that experts forecast a world-wide series of big eruptions from active volcanoes.
Boston based gas station owner set highest gasoline values in the country. During that summer, he charged $1.69 per gallon for unleaded gas during the daytime and $2.59 each gallon at night
A. In 1996, many cows in Great Britain came down with "mad cow disease". As a result, the nations of European union banned the import of British beef.
What business will you go into, and what will comprise your fixed and variable costs? How could your business take advantage of economies of scale?
Suppose a firm has the following demand equation, Assume the company decreased the price to $2.50. Would this be beneficial? Explain. Illustrate your answer with the use of a demand schedule.
Compute the average product of grain when each amount is used. Determine the marginal product of grain when between 1,200 and 1,800 pounds are fed, when between 1,800 and 2,400 pounds are fed, and when between 2,400 and 3,000 pounds are fed.
Make a table showing Mankato's marginal cost of newsprint production. Find out the minimum price necessary for Mankato to supply one ton of newsprint?
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