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The supply and demand functions of a market are as follows:
Qs = 18 P - 7W - 10Qd = 120 - 2P + .05M
Where W is the wage level in the foreign country in which the good is manufactured, and M is the income level (in thousands) in the United States. Currently the wage level is $4.00 and the US income level is $40.
a. What are the current equilibrium quantity and price?
b. If the foreign wage rate increases to $6, what will be the new equilibrium quantity and price?
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q.conclusion at harding silicon enterprises inc.harding silicon enterprises inc. produces less than 1 of the worlds
The marginal cost of production is constant and is equal to $2. There are no fixed costs of production.
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The demand curve for cookies is downward sloping. When the price of cookies is $2, the quantity demanded is 100. If the price rises to $3, what happens to consumer surplus?
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