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Supply and demand data for concerts are shown below.
(a) Plot the supply and demand curves to scale and establish the equilibrium price and quantity.
(b) What is the excess supply or demand when price is $24? When price is $36?
(c) Describe the market adjustments in price induced by these two prices.
(d) The functions underlying the example in the table are linear and can be presented as P = 18 + 2Q (supply) and P = 60 - 4Q (demand). Solve the two equations for the equilibrium price and quantity values
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A firm has two plants that it may use to produce its output. The first plant has cost function C1 (Q1) = Q1^2 and the second plant has a cost function C2 (Q2) = Q2 + 0.5Q2^2. a. If total output to be produced, Q1 + Q2, must be Q>0.
The widget Industry in Anytown is a monopoly, controlled by Widget Corp. Its demand curve for the local market is given by P = 800 - 20 W Where W represents the number of widgets sold per period. The total cost function (including opportunity or impl..
Aunt Jane's Fitness Center is planning to utilize price discrimination to set its family and corporate rates. For a family membership, it's estimated demand curve is Qf = 984 - 20Pf For the corporate market its estimated demand curve is Qc = 2,070..
The average retail price of the cookbook will be $30, and the average cost will be $20. Assume that the equation for demand is Q = 10,000 - 9,000P, where Q = the number of cookbooks sold per month P = the retail price of books.
two world leaders Mack and Nick are engaged in an arms race and face the decision whether or not to build a missile. The payoffs of Mack and Nick are as follows: If both build a missile, both receive the payoff -10. If both do not build a missile, ..
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