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A2-9. Suppose the inverse demand and supply curves are given by (where Qs and Qd are quantities P is price): Demand: P = 35 - (1/3) Qd Supply: P = 5 + (2/3) Qs (a) Calculate the equilibrium price and quantity in this market. Graph the demand and supply curves and illustrate your equilibrium point. [4] (b) Calculate both the elasticities of demand and supply at the equilibrium point. How would a small increase in the number of firms supplying this market affect total consumer spending on the good? Explain [6] (c) Suppose the government institutes a price floor equal to $28. What is the quantity actually traded on the market? Is there an excess supply of created by this policy? Calculate and illustrate your answers. [4] (d) Does the policy cause deadweight loss in the market? If so, calculate the deadweight loss and illustrate it in your diagram. [6] (e) Suppose that instead of the price floor the government chooses to levy a $9/unit tax on sales of this good. What is the quantity sold in the market? What price do consumers pay? producers receive? Calculate the burden of the tax for consumers and producers on a per unit basis. [6]
Given that Y=900 and want consumption and investment are given through, Fill the entries as you require to answer the questions.
the fully allocated cost of a product is $10. If the price elasticity of demand for the product is -2, then the firms optimal markup is: 10%, 100%, 200%or 300%.
the global business environment has intensified pressure for companies to utilize their resources in new ways. one
the demand function for einstein bagels has been estimated as followsqx -15.87 - 40.73px 84.17py 0.55axwhere qx
Analyze the major short-run and long-run production and cost functions for the low-calorie microwaveable food company.
Write a two-page essay on Will there always be poverty? Use a minimum of two academic journals from the Columbia Southern University Online Library. Essay must be formatted in APA style.All sources used, including textbook, must be referenced; paraph..
Suppose a firm in the short run under perfect competition with P=250, TC=1,000 + 100Q + 2.5Q^2 , and MC=10+5Q-Find out the level of output that the firm needs to produce to maximize profits?
Differentiating Between Market Structures in Kudler - Differentiating Between Market Structures in an Organization of Your Choice
In a study published in 1980, B. B. Gibson estimated the following price and income elasticities of demand for six types of public goods:
What are trade remedy laws and how do they attempt to protect U.S. firms from unfairly traded goods - what are some examples of international commodity agreements? Why have many of them broken down over time?
gdp doesnt count productive services like child care food preparation and laundry provided within household. why are
Explain how market structure affects market performance and conduct. Identify three types of government regulation that help to improve market performance and conduct
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