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1. The demand curve for product X is given by
a. Find the inverse demand curve.
b. How much consumer surplus do consumers receive when Px = $45?
c. How much consumer surplus do consumers receive when Px = $30?
d. In general, what happens to the level of consumer surplus as the price of a good falls?
2. Suppose demand and supply are given by
Determine the equilibrium price and quantity. Show the equilibrium graphically.
Suppose a $12 excise tax is imposed on the good. Determine the new equilibrium price and quantity.
How much tax revenue does the government earn with the $12 tax?
suppose the demand for baseballs is given by q 200 - 8p.a what is the price elasticity of demand when p 6?b at what
Find a company that you believe represents a company that fits into a Perfectly Competitive industry. Please make sure (as much as possible) you identify the four characteristics of a Perfectly Competitive firm inherent in the firm you select.
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Presume Richard has an after-tax income of $500 per week and should spend it all on food or clothing. If food is $5 per pound and clothing is $20 per piece, draw his budget line on a piece of graph paper, where the amount of food is gauged along the ..
Mary Ann requires about 30 pounds of bananas each month, January through June, and 35 pounds of bananas each month, July through December, to make banana cream pies for her friends.
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Managerial Economics and Business Strategy, 7e Page 1 Proposed Merger between Heinz and Beech-Nut Scrutinized Michael Baye and Patrick Scholten prepared this case to serve as the basis for classroom discussion rather than to represent economic or leg..
If you can enter only one market, and the cost of entering the market is $250,000, should you enter one of the European markets. If you enter, what is your potential profit.
What is the price elasticity of demand for Delta flights between Chicago and Dulles - what is the cross-price elasticity of demand for Delta flights with respect to the price of Southwest flights?
Classify each of the following as a supply or demand shock. Use a graph to show the effects on inflation and output in the short run and the long run - show what the effect would be in the short run. Describe the effects on inflation and output.
answer the next questions parts a and b on the basis of the following cost data for a firm operating in pure
This line is aimed at the low end of the market and isn't constructed on a wheel base. Writing instruments. This line includes mechanical pens and pencils which are sold to the middle-market segment between the low-end products such as Bic and h..
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