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Assume the following values for Figures 5.4a and 5.4b. Q1=20 bags. Q2=15 bags. Q3=27 bags. The market equilibrium price is $45 per beg. The price at a is $85 per bag. The price at c is $5 a bag. The price at f is $59 per bag. The price at g is $31 per bag. Apply the formula for the area of a triangle .What is the dollar value of the dead weight loss when output Q2 is being produced?
Amy has $12 a week to go spend on coffee and pop. The Price of coffee is $2 a cup, and pop is $1 a can. Draw a graph of Amy's budget line. Can Amy buy 7 cans of pop and 2 cups of coffee a week? Can she buy 7 cups of coffee and 2 cans of pop a week..
Starting with the estimated demand function for Chevrolet: Qc = 100,000 - 100Pc + 2000N + 50I + 30Pf - 1000Pg +3A + 40,000Pi. Assume the average value of the independent variables changes to N= 225 million, I= 12,000, Pf= 10,000, Pg= 100 cents, A=..
Under patent protection, a firm has a monopoly in the production of a high-tech component. Market demand is estimated to be: P = 100 - 0.2Q. The firm's economic costs are given by: AC = MC = $60 per component.
Suppose the following equations are true: Production Function: Q = K1/3L2/3, which means MPK = 1/3K-2/3L2/3,MPL = 2/3K1/3L-1/3 MRTS = 2(K/L) Total Cost = rK + wL r = .2 w = $5
When the price of gas in Italy is $5 per gallon, Joe consumes 1,000 gallons per year. The price rises to $5.50 and, to offset the harm to Joe, the Italian government gives him a cash transfer of $500 a year. Will Joe be better or worse off after t..
Q = 123 - 0.5P - 0.25 Pc + .01 Y where Q is the quantity of seasonal passes sold, P is the price for seasonal pass, Pc is the average price for concession items, and Y is average per capital income in Mapleville. what is the profit maximizing pric..
An airline ticket from Baltimore to Miami costs $525. A bus ticket is $325. Traveling by plane will take 5 hours, compared with 25 hours by bus. Thus, the plane costs $200 more but saves 20 hours of time
Holiday Fruit Company buys oranges and processes them into gift fruit baskets and fresh juice. The company grades the fruit it buys on a scale from 1 (lowest quality) to 5(highest quality). The following table summarizes Holiday 's current invento..
A Study of pharmacies in the San Fran. area found the prices charged for 100 tablets of medicine to be approx. normally distributed, with a mean price of $8.50 and a standard deviation of $2. Find the probability that a particular San Fran.
The slopes of the demand and supply equations are different. By making reference to the slopes, explain why the demand elasticity at the equilibrium price and quantity is significantly larger/smaller than the supply elasticity.
Based on market research, a film production company in Ectenia obtains the following information about the demand and production costs of its new DVD: Demand: P=1000-10Q Total Revenue: TR=1000Q-10QZ
What is the amount of 10 equal annual deposits that can provide five annual withdrawals, where a first withdrawal of $3,000 is made at the end of year 11 and subsequent withdrawals increase at the rate of 6% per year
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