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Demand for potatoes is given by Qd= 10^9P withQ measured in tons. The supply of potatoes is given by Qs=P^2.(a) Show the demand and supply functions on a graph, taking care to properly label both curves and both axes.(b) Find the equilibrium price and quantity.(c) Find the elasticity of demand and the elasticity of supply, evaluated at the equilibrium price and quantity. Is demand elastic, inelastic, or unit elastic? Is supply elastic, inelastic, or unit elastic?(d) Solve for the elasticity of demand as a function of the market price. Draw this function for P [1/3, 2/3].(e) Suppose a (small) sales tax is imposed on potatoes. Would the burden of the tax fall mostly on consumers, mostly on producers, approximately equally, or is it impossible to tell from the information above?
In the short run, company that seek to maximize their market share will tend to charge lower price for their products than firms that seek to maximize profit.
Elucidate whether the following statements are positive or normative economic statements, and explain why you categorized them in that way.
ABC Technologies, Corporation, enjoys an exclusive patent on process to atomize gasoline in platinum in combustion engines, producing substantial gains in miles a gallon
asume that Bob consumes goods x and y according to the following utility function, U (x,y) = 2x + 4xy + y compute Bob's marginal rate of substitution for good x and for good y. Is the MRS diminishing?
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