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What are the important functions to maximize total surplus?
The market equilibrium maximizes total surplus since the market performs four significant functions are as follows:
1. This allocates consumption of the good to the potential buyers who value this most.
2. This allocates sales to the potential sellers who most value the right to sell the good.
3. This ensures about every consumer who creates a purchase values the good more than every seller who makes a sale.
4. This ensures that each potential buyer who doesn’t build a purchase values the good less than each potential seller who doesn’t make a sale.
Suppose that Congress increases the minimum wage to $10 an hour. a. Use a supply and demand model for unskilled labor to show the effect on the number of unskilled workers employed
Tuan lives in a town with only one movie rental store. Suppose Tuan’s demand for movie rentals per month is Q = 16- 2P . The movie store currently charges $5 per movie, but is thin
#questionLook up the real GDP of the U.S. for the 4th quarter of 2007 and compare it with the real GDP for the 2nd quarter of 2012. What does this tell you about the performance of
how to find pareto efficient output using algebra
A film studio in Hollywood produces movies according to the function q = F(K;L) = (2=100)K^0.5L^0.5 In the short run, capital (studios, gear) is xed at a level of 100. It costs $
advantages and disadvantages
The process of production needs several inputs. These inputs are known as the factors of production. In most cases, firms own some of the factors of production while some have to b
What is ceteris Paribus? Ceteris paribus is a Latin phrase, literally translated as "other things the similar," and usually rendered in English as "all other things being equa
The demand for every productive resources is a derived demand. By derived demand it is meant that it is the output of the resource and not the resource itself for which is a deman
identify any four other law of demand and give examples
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