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Suppose demand and supply are given by Qd = 50 - P and Qs = ½ P - 10.
a. What are the equilibrium quantity and price in this market?
b. Determine the quantity demanded, the quantity supplied, and the magnitude of the surplus if a price floor of $42 is imposed in this market.
c. Determine the quantity demanded, the quantity supplied, and the magnitude of the shortage if a price ceiling of $30 is imposed in this market. Also, determine the full economic price paid by consumers.
exercise 1 quantity quotaa new chemical cleaning solution is introduced to the market. initially demand is qd 1000
John Maynard Keynes believed that wages may be inflexible in the downward direction. Consequently, an economyA) could get stuck in long-run equilibrium. B) could get stuck in a recessionary gap. C) could get stuck in an inflationary gap. D) would alw..
Think the market for personal computers. Assume that the demand is constant : the demand curve does not change. Predict the effects of the following changes on the equilibrium price of computers.
potatoes cost janice 0.50 per pound and she has 5.00 that she could possibly spend on potatoes or other items. if she
In a small economy, gross investment in 2009 is $1,500, consumption spending is $6,000, net investment is $200, government spending is $1,500, exports are $2,000 and imports are $1,000. What is GDP for this economy in 2009?
Describe why some firms might suffer diseconomies of scale. Do you know any examples? Could GM be an example of diseconomies of scale?
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Critics of traditional welfare programs often argue that a downside of traditional welfare programs is that when the government gives lower income people money, it causes them to work less. Compare and contrast the theoretical implications on lab..
What factors explain the high degree of independence of the Fed? 5. What factors limit the independence of the Fed? 6. What is the case in favor of Fed independence? What is the case against Fed independence? 7. What is the theory of bureaucratic beh..
The demand for housing is often described as being highly cyclical and very sensitive to housing prices and interest rates. Given these characteristics describe the effect of each of the following terms of whether it would increase or decrease the..
The advertising and promotion budget contained three elements: trade magazine advertising, cooperative newspaper advertising with Century Office Systems, Inc. dealers, and sales promotion materials including product brochures
Describe (include an explanation of economic profit in your explanation). Will price be higher or lower under such the agreement in long-run equilibrium than would be the case if firms didn't collude? Discuss.
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