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The demand schedule (or demand function or curve) for a good shows the total quantities (Q) that buyers are willing and able to buy at various prices (P) in some period of time. For example, here is a demand function illustrating the very special but convenient case of linear demand (with Q measured in some physical unit of quantity such as tons and P measured in dollars):Q = 2100 - 50PSometimes it is convenient to express this in the inverse form showing the prices that buyers are willing to pay for various quantities. (P is a function of Q.) This is called the demand-price function.3. a. State the demand-price function corresponding to the above demand function.b. Plot the corresponding demand curve on graph paper - with Q on the horizontal axis and P on the vertical axis. Label this demand D1.I. The Case of Fixed SupplyA supply schedule (or function or curve) defined analogously shows the total quantities (Q) that sellers are willing to sell at various prices (P) in a given period of time. One very special case is that of a fixed supply, where the quantity supplied is a constant, independent of price, such asQ = 1200(This type of supply may apply, for example, in the short period of time when a given quantity of a perishable commodity is brought to market and must be sold at any price or go to waste; or, in a slightly different meaning of supply, again in the short run, it may apply to a service such as housing, or even in the long run to the services of a permanent resource such as land.)
Econ 304 Spring 2013 - Compute a consumer price index for apples for each year. Assume that year 1 is the base year in which the consumer basket is fixed. How does your index change from year 1 to year 2?
Suppose that because of the ongoing financial turmoil banks become more prudent: that is, other things equal, banks want to hold more excess reserves and make fewer loans.
The widget Industry in Anytown is a monopoly, controlled by Widget Corp. Its demand curve for the local market is given by P = 800 - 20 W Where W represents the number of widgets sold per period. The total cost function (including opportunity or i..
Illustrate what are two reasons economists support free trade. Can you list what three of those assumptions likely.
The following show data on investment rates and output per worker for two pairs of countries. For each country pair, calculate the ratio of GDP per worker in steady state that is predicted by the Solow model, assuming that all countries have the s..
Drugs 'R Us operates a mail order pharmaceutical business on West Coast. The company receives an average of $325,000 in payments a day.
Is energy efficiency the same as economic efficiency? Explain. Under what circumstances would the energy-efficiency automobile described her be economic efficient?
The price of a wideget increases by 90%. what effect would we expect this to have on the equilibrium wage rate of workers who make widgets.
Compute total revenue, marginal revenue, marginal cost, and average total cost of this natural monopoly. What is the profit maximizing output and price for this natural monopoly when the government does not regulate it?
Determine the main effects and differences of short term economic policy management and long term management?
As we all know that the value of dollar depends on what determines supply curve and demand curve on the foreign exchange markets, which obviously is linked to supply and demand for underlying transactions
Market supply of labor The following table shows the hours per week supplied to a particular market by three individuals at various wage rates. Calculate the total hours per week (QT) supplied to the market.
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