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QX = 100 - 0.4PX
QX = 40 + 0.2PX
a. At what price level would demand for good X equal zero?
b. At what price level would supply of good X equal zero?
c. What is the equilibrium market price for product X?
d. What is the equilibrium quantity demanded and supplied
e. Government imposes a price floor of $120. Analyze the impact of this floor on price, quantity demanded and supplied. Would this price floor create a surplus or deficit of this product in the market?
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Assume the price charged in market 2 was $10, what would be the price charged in market 1?
As an industry moves from being a monopoly to a monopolistically competitive one. Illustrate what happens to elasticity of demand curve facing industry.
Assumes that wheat producers lobby the government for a price floor also receive one.
Suppose the monopolist is regulated to charge a rate which covers all unit cost and total cost, what is this rate and how many units will the monopolist produce?
Use the 2007 numbers in the first column to compute, for each of the four countries, the percentage gap between the steady-state ratio.
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Suppose the distribution of innate ability is distributed symmetrically throughout a population but which the wage distribution is positively skewed.
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