Figure out the equilibrium price and demand
Demand and supply of wheat are:
Qd=2000-1000p and Qs = -500 + 1000pWhere Q is millions of bushels and P is price per bushel.How do you figure out the equilibrium price and demand. I cannot find a good explanation of the formula to use.
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Use the demand function: P = 30 - 2Q And the marginal cost function: MC = 20 to determine P and Q for profit maximization. Then, suppose a government subsidy of $6 per unit is imposed.
Q1. Draw the marginal revenue function for this firm. Q2. What is the profit maximizing price for this firm?
Suppose that workers in the souvenir manufacturing industry unionize. This shifts the supply of labor in the souvenir manufacturing sector to the left and shifts the supply of labor in the hospitality sector to the right.
What are the equilibrium price, combined output, and profits with Bertrand competition?
How do you figure out the equilibrium price and demand. I cannot find a good explanation of the formula to use.
What is comparative static analysis? Given equilibrium of price and quantity, explain the impact of simultaneous shifts in demand and supply.
Problem: Assume the commodity market and the money market for an economy are described by the following IS and LM curve.
Problem 1: What do economists mean by the term "imperfectly competitive markets"? Problem 2: ow do market prices differ between perfectly and imperfectly competitive markets?
Illustrate the market for a good by drawing the industry's demand and supply curves. On the graph, identify the equilibrium price and the equilibrium quantity. Be sure to label all axes and curves.
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