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The widget industry is perfectly competitive. The industry demand and supply functions for widgets are given below.
Qd = 424 - 40P
Qs = 40 + 8P
a. What is the equilibrium price and quantity for the industry?
b. If the government establishes a price floor of $9, explain what will result in terms of excess demand or supply.
c. If the government establishes a price ceiling of $6, explain what will result in terms of excess demand or supply.
The following was taken from the records of the Frederic Products Company for 200X: 5) y for 200X: Total estimated manufacturing overhead cost for the year is $288,750 Total
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does immaterial items have to be recorded
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