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Suppose the demand and supply curves for a good are given by:
a. Graph the supply and demand curves.
b. Find the equilibrium price and quantity.
c. If the current price of the good is $100, what is the quantity demanded? What is the quantity supplied? How would you describe this situation? Equilibrium? Shortage? Or Surplus? What would you expect to happen in this market?
d. If the current price of the good is $150, what is the quantity supplied and demanded? How would you describe this situation? Equilibrium? Shortage? Or Surplus? What would you expect to happen in this market?
e. Suppose that the demand changes to . Find the new equilibrium price and quantity. Show this point on your graph.
If the two firms each maximise profits independently, explain how much output would each firm produce. Explain how much quasi-rents would each factory earn.
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Rick Nash, a player for the Columbus Blue Jackets hockey club earned $5.25 million this year. The CPI for this year is 225, base year 1983. If Rick were to maintain his current purchasing power how much would he have earned in 1983?
Elucidate how events such as the World Trade Center and Pentagon attacks described in the case study affect the aggregate demand curve.
Compute the (point) price elasticity of demand when price is $700. Is demand elastic or inelastic. Find the point at which point elasticity is equal to -1.
Respond to the question and to other students' postings. Consider the following when posting your responses: Why might this be the right form for the new business? What might some of the disadvantages be?
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karens performance pizza is a small restraunt in ny that sells gluten free pizzas karens very tiny kitchen barely has
q. write a 3-page minimum 750 words response to the following problem. mirk labs is a pharmaceutical company that
q. 1. what change in the federal funds rate would you recommend?2. how would your recommended change get
Illustrate what is the market elasticity of demand. What is your elasticity of demand in this Cournot oligopoly.
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