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Find quantity supplied and quantity demanded:
Suppose there are 300 used cars, with 3 quality levels: bad, medium, and good. A seller knows the quality of his car but a buyer does not. The only thing buyers know is that 100 of all used cars are bad, 100 medium, and 100 good. The values of each type of car to a seller and a buyer are:
a) Let P denote the price of a used car. Find quantity supplied (Q ) and quantity demanded (Qd) of cars if P ≥ 3000. b) Find Qs and Qd if 2000 ≤ P < 3000. c) With quantity (Q) on the horizontal axis and price (P) on the vertical, draw the supply curve for cars. Then draw the demand curve assuming that there is an infinite number of buyers. Label the curves and key points in your graph clearly. d) In equilibrium, what is the price and quantity of cars? What kind(s) of cars are traded?
Think of circumstances at home, at work, at university or into a club to which you belong. This is a situation which involves you. You want to modify the present circumstances and
A clinic uses doctors and nurses optimally and is servicing the maximum number of patients given a limited annual payroll. The last doctor hired treated 1,600 extra patients in a
explain law of production
Question 1 Part A - The following schedule shows the market for oranges. Use this data to answer the questions below. Provide full calculations for all your answers. (i)
Quantitative demand for watermelons = 50-3P(wm) - 20P(hd) + 10 P(sc) + 0.001(income) P(wm) = $4.00 P(hd) = $3.00 P(sc) = $2.00 Income = $40,000 Quantity supply of watermelons = 2
You should use a variety of other methods of capital cost estimation to check and refine your estimate to give a definitive capital cost for the plant. You will need to compare the
What is the function of multinational companies into the promotion of development? A multinational or transnational (TNCs) company operates within two or more countries across
Explain about the term Traditional Economy. Traditional economy: It is where decisions regarding what, how and for whom to produce are based onto tradition and custom. A
1.Randy Johnson made a decision to foryo college to worki in the family business/How sure was he that was his right thing to do to work for family? 2 Hal began discussing about
What is the Infant Industry argument? Several governments seek to protect involving industries by premature competition. Infant industries have potential comparative benefit b
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