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Suppose the demand and supply curve for wheat in the U.S. are approximately as follows:
QD = 4000 - 200P
QS = 2800 + 200P
1) How much wheat did the government need to buy to support the price of $3.50 per bushel? What was the effect of government purchase on the demand curve? Show this in the graph.
2) What was consumer’s gain or loss? Producer’s gain or loss? Government purchase cost? Change in total social surplus?
The aluminum industry faces a private marginal cost curve PMC = 2Q and a market inverse-demand curve of PD = 60 – QD. However, production creates an externality with marginal damages of MD = Q. What is the resulting price that consumers face with the..
Describe three features of monopolistic competition that differentiate it from monopoly. Compare perfect competition and monopolistic competition. In what ways are they similar? In what ways are they different?
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Illustrate what greens fees should the operator set on weekdays and how many rounds will be played.
The dominant factor affecting medical care delivery and finance in the 1990s was. What is the most important factor leading to rising health care costs in the United States since 1980? Pharmaceutical companies receive patents as an exclusive right to..
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