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Suppose that the demand and supply functions for good X are as follows:
QD = 75 + (.004)*M - 4*P
QS = -43 - (.4)*(PI) + 3*P
a. Is this good a normal good or an inferior good? How do we know?b. Is the sign correct on the coefficient in front of PI? Explain why or why not?
Assume that M = 50,000 and PI = 80.c. What is the equilibrium price and equilibrium quantity?d. If a price of $40 occurs in the market, rather than the equilibrium price, would we have a surplus or a shortage? Of how many units?e. If a price of $60 occurs in the market, rather than the equilibrium price, would we have a surplus or a shortage? Of how many units?f. If the value of M increased from 50,000 to 60,000 and nothing else changed, would the equilibrium price increase or decrease? By how much? Would the equilibrium quantity increase or decrease? By how much?
Exportof goods and services to foreigners is $1 million and import of goods and services from foreigners is $1.5 million.
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what is meant by the minimum cash reserve requirements referred to in this clip? b) what terminology do economics use to refer to the process described in this clip?
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Times more productive than a minimum wage worker. How many times more productive was a $160-per-hour lawyer compared to a worker earning minimum wage?
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Illustrate the effect of increasing Government spending on all the macro-economic variables assuming a horizontal AS curve.
What should be the production level if the producer operates in a monopolistic competitive market where the price of software at each possible quantity is also listed above?
It is argued that Africa should endorse hunting, charging big fees for permits to kill animals
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