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The inverse demand p(q) for bowling balls is given by p = 100 - 2q where p is the price of bowling balls and q is the consumption of bowling balls. One store sells bowling balls, the supply is given by p = 50 + 5q. (a) What is the total quantity of bowling balls consumed and what is the price per unit. What is the consumer surplus and the producer surplus. (b) The government set a tax of 2$ on bowling balls, what is the total quantity of bowling balls consumed, the price paid by consumer and the price received by the store. What is the consumer surplus, the producer surplus, the tax revenue and the dead weight loss. What is the share of the tax paid by the consumer and the one paid by the producer.
)Determine the range of prices for which the firm earns a profit. 3) Calculate the profit maximizing output and the resulting profit when price is $101.
What happens to the indifference curves when a household's income is reduced and how does a budget constraint explain consumer choices when used in conjunction with indifference curves?
What happens to the scale of firms in the long run What motivates firms to choose the scale of operation that they do How does the market adjust in the long run when firms are earning short-run economic profits
Consider three consumer goods: 100 of Good A, 100 of Good B, and 100 of Good C. In the base year, Good A sold at a price of $1, Good B sold at a price of $1, and Good C sold at a price of $1. In the current year, Good A sold at a price of $3, Go..
Explain how a item might evolve from one market structure to another and what that means as to the value, competition and number for companies producing that product.
What is the law of comparative advantage? According to the law of comparative advantage, what should be the distinguishing characteristics of the goods a nation produces?
how demand and supply determines prices in "contemporary art market" and the effects on speculation
Suppose that the "Small but Significant and Nontransitory Increase in Price" threshold is 5%. Making use of critical elasticity of demand analysis, do the existing producers of this product represent an antitrust market, or do additional substitut..
Consider a family that ranks combinations of household production time (N) and purchased goods and services (Y) according to the formula: U= NY. Suppose the maximum time available in a day is 16 hours, the wage rate is $4 per hour and the fa..
Calculate the incremental profit that south park would earn by customizing its instruments and marketing them directly to end users.
Two centuries ago there were more buffalo than cattle in the United States. Even though millions of cattle are killed for beef consumption each year, the cattle population continues to grow while the buffalo are virtually extinct. Why?
A chemical production facility that is under construction is expected to be in full commercial operation one year from now. Once full operation, the facility will generate $85,000 cash profit daily over the plants service life of 8 years.
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