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Suppose the demand and supply curves for basketballs are given by:
Qd = 200 – 5P
Qs = -20 + 6P.
Using the demand and supply functions above, the equilibrium price of a basketball is ____, and the equilibrium quantity is ____. Illustrate your answer.
Compute price elasticity of demand and supply at the equilibrium price and quantity. Price elasticity of demand is equal to___ _ and price elasticity supply is equal to ____.
On the same graph above, show the effect on equilibrium price and quantity of a) an increase in the price of rubber used to make basketballs, and b) changing preferences of kids to playing more soccer.
From the demand and supply curves given above, compute CS, PS, and aggregate surplus. Illustrate on Graph.
Assume the farmer buys insurance that pays 3$ if it doesn't rain but costs 2$. Illustrate what is their consumption when it rains.
Illustrate what price should the firm charge to realize the targeted profit. Illustrate what would be its (cost-based) markup ratio.
In the northeast US and in eastern Canada, many citizens heat their homes with heating oil. Suppose you are one of these people, and you are expecting a cold winter, so you are considering your heating oil requirements for the season.
Illustrate what steps would your group have to take to drive our country out of this economic slowdown and towards a more prosperous America.
You will need to determine how you will measure strict gun control laws for the states and to define what types of crimes will make up the crime rate.
Describe the equilibrium price and quantity, producer surplus and consumer surplus.
What is happening to the value of the U.S. dollar these days? What causes the value of the U.S. dollar to rise or fall? Who demands U.S. dollar? Who supplies U.S. dollar?
some games of strategy are cooperative. One example is deciding which side of the road to drive on. It doesn't matter which side it is, as long as everyone chooses the same side. Otherwise, everyone may get hurt. Is there a Nash equilibrium in this g..
How would social class differences influence product lines and styles, advertising media selection, and the copy and communication style used in ads and payment methods.
Provider A charges $120 per month for the service regardless of the number of phone calls made.
Suppose that in the year 2010 the number of births is temporarily high. Explain how does this baby boom affect the price of babysitting services in 2015 and2025.
Elucidate how does knowledge of price elasticity among different groups of clients or for various products enable managers to price discriminate or change different prices for these groups.
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