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Recall partial equilibrium market model: Qd=a1+b1P , Qs = a2+b2P , Qd = Qs
-Qd = Quantity Demanded
-Qs = Quantity Supplied
-P = Price
- a1 > 0 , a2 <0 , b1 < 0 , b2 > 0
--Solve for the equilibrium values of Q and P (So find Q* and P*) as a function of a1, a2, b1, b2.
- And what restrictions must be placed on the parameters a1b2 and a2b1 so that the value of Q* above makes economic sense?
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What sample size would be needed to estimate the true proportion of students at your college (if you are a student) who are wearing backpacks, with 95 percent confidence and an error of ± 0.04
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Suppose the demand curve for a monopolist is QD = 500- P, and the marginal revenue function is MR = 500 - 2Q. The monopolist has a constant marginal and average total cost of $50 per unit. A. Find the monopolist's profit - maximizing output and pri..
Suppose we have two countries, the United States and Mexico, and one good-computers. Assume the following for each country: United States: Qd = 5000 - P and Qs = 2P - 1000 Mexico: Qd = 5000 - 2P and Qs = P - 2000
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