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The market for pizza has the following demand and supply schedules: Price Quantity Demanded Quantity Supplied $ 4 135 pizzas 26 pizzas 5 104 53 6 81 81 7 68 98 8 53 110 9 39 121
a. Graph the demand and supply curves. What is the equilibrium price and quantity in this market?
b. If the actual price in this market were above the equilibrium price, what would drive the market toward the equilibrium?
c. If the actual price in this market were below the equilibrium price, what would drive the market toward the equilibrium?
How much does consumption change this year in absolute dollars ($ ΔC) as a result of a $5,000 annual tax cut to your income, if the tax cut.
Suppose which Sam is now growing wheat on enough land to produce 7,000 bushels of wheat. Illustrate what is the opportunity cost.
Explain why the general level of incomes is high in the united states also other industrially advanced.
Converse alternatives to GDP as a measure of economic benefits in a current economy.
Recent survey of high school students, it was found that the average amount of money spent on entertainment each week. Values are representative of all high school students.
Under very high rates of inflation, why would people prefer to use a barter system to buy goods, rather than use paper money.
Amend the diagram and use similar algebra to figure out Illustrate what happens again.
Describe one possible combination of government spending increases and tax decreases that would accomplish the same goal.
If the resource prices return to original levels, but a new technique is invented that can produce.
Are these preferences consistent with the lw of diminishing marginal utility
Illustrate what is the value of the equilibrium exchange rate. Assume the demand for dollars increases by 300 billion at each exchange rate.
Compute the price of the machine, which will make purchasing or leasing to be equally costly.
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