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Q. Suppose the demand function for corn is Qd=10-2 and supply function is Qs=3p-5. The government is concerned that the market equilibrium price of corn is too low and would like to implement a price support policy to protect the farmers. By implementing the price support policy, the government sets a support price and purchases the extra supply at the support price. I n this case, the government set the support price ps=4Calculate the original market equilibrium price and quantity in absence of the price support policy?
Is it a local, regional or national monopoly. What are some of the Barriers to Entry into this industry.
Explain each of the following using supply and demand diagrams, With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.
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This is an essay question, but I don't know how to explain. Should I use the supply-demand curve to explain, or use the marginal cost- marginal revenue curve to explain this question.
Assume the current market price of candles is such that there is a surplus.
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