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Suppose that demand for good increases and, at the same time, supply of the good decreases. What would happen in the market for the good?
a. Equilibrium price would decrease, but the impact on equilibrium quantity would be ambiguous.
b. Equilibrium price would increase, but the impact on equilibrium quantity would be ambiguous.
c. Equilibrium quantity would decrease, but the impact on equilibrium price would be ambiguous.
d. Equilibrium quantity would increase, but the impact on equilibrium price would be ambiguous.
Suppose that the US government determines that cigarette smoking creates social cost not reflected in the current market price an equilibrium quantity of cigarettes.
The equation for the demand curve for hotel rooms in Boston is given by P = 5000-0.48Qd. The supply curve is given by P = 0.02Qs. Prices are nightly rates in dollars.
Provide a rational for why you feel the new target market and pricing strategy would be successful and the likely impact to the profitability of the firm.
The marginal cost of a monopolist is given by MC (q ) = 2 + 2q while market demand is. What is the competitive market equilibrium? Find social cost of monopoly. What is the prot-maximizing level of output and price?
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Each point along the market demand curve shows
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By upgrading its equipment, a firm can achieve a $15,000 cost savings in the first year and increasing by $2,000 each year for the next 7 years. At an interest rate of 6% per year, compounded monthly, what is the equivalent annual worth of the saving..
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