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A market has supply and demand curves that follow the following set of equations: Supply → P = 4QS + 10 Demand → P = -5QD + 280.
For both of these problems pictures are not required but the problems may be much easier if you draw some.
a) Find the equilibrium price and quantity in this market and the consumer and producer surplus from the equilibrium price and quantity.
b) If there is a ceiling price in this market of 90, find the new consumer and producer surplus. Use these numbers to find the size of the deadweight loss and explain from these numbers whether or not consumers, as a whole, would be in favor of this ceiling.
An apartment owner advertises for lawn mowing services for a number of apartments he owns.
The New York Times reported that the FDA was holding a hearing to scrutinize the way prescription drugs are marketed to consumers in advertisements. Critics, like then–Senator John Edwards, claimed that's misleading for an ad to show a woman running ..
Through international specialization and trade, a nation can reduce its opportunity cost of obtaining goods and thus ‘move outside its production possibilities curve.’”
Suppose that a? firm's only variable input is? labor, and the constant hourly wage rate is ?$30 per hour. The last unit? (hour) of labor hired enabled the firm to increase its hourly production from 250 units to 251 units. What was the marginal cost ..
Musashi and Rina are building their portfolios. Musashi purchases shares in a mutual fund and pays fees to a manager who actively manages the mutual fund's portfolio. He does so because he believes that the manager can identify inexpensive stocks tha..
Monetary Theory and Policy. Use the equation of exchange to answer the following questions and assume that the velocity of money is fixed at V = 7.5 throughout this problem. Suppose that the economy is in long-run equilibrium. If the money supply is ..
A monopolist has two sets of customers. The inverse demand for Group 1 is described by P1 = 200 – Q1. For Group 2, the inverse demand is P2 = 100 – Q2. The monopolist faces constant marginal cost of 40. Let Q be the aggregate quantity demanded. What ..
What is the private value of innovation to the innovating firm? What if the innovation were drastic so that the innovating firm exists as a monopoly after the innovation?
How do the six-digit North American Industry Classification System (NAICS) and the therapeutic market definition of the pharmaceutical industry differ in terms of seller concentration? Which do you think is a better measure? Why? Think in terms of ac..
Illustrate what is the expected return of the remaining portion of Peggy's portfolio.
Examine geographic and economic factors that affect the business environment of China when introducing Agricultural products in that country. Can i have some details about this topic?
Scores on the SAT verbal test in recent years follow approximately the N(515, 109) distribution. How high must a student score in order to place in the top 5% of all students taking the SAT?
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