Describe demand curve and supply curve,
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- Explain the steps of estimation of demand function using econometrics techniques in your own words?Calculate the equilibrium price and quantityAssuming no government intervention, describe the market behavior that should result if the price of a product is below its equilibrium price; then describe the behavior that should occur if the price is above its equilibrium price. You should start your discussion with: If the price of a product is below its equilibrium price,then the quantity demanded compared to quantity supplied will be ________________________ If the price of a product is above its equilibrium price,then ________________________
- Suppose that a company has determined that a 70% experience curve accurately describes the evolution of its production costs for a new line. If the first unit costs $100 to produce, what should the 1,000th unit cost based on the experience curve?Estimate the equilibrium price and quantity of the market whose demand and supply functions are pd = −(q + 4)^2 + 100 and ps = (q + 2)^2 respectively.Estimate the equlibrium price and quantity of the market whose demand and supply functions are pd =−(q + 4)2 + 100 and ps = (q + 2)2 respectively.
- What weekly production level (number of sleeping bags) will maximize profit?If the daily availability of M1 and M2 are 30 tonnes and 12 tonnes respectively in the Reddy Mikks problem, what would be their shadow prices?Suppose now that the government decides to increase the number of quotas available to 72 units, but keeps the price support at the current level of $72. calculate the consumer surplus the producer surplus Deadweight loss which if the two options would be preferred by the producers? which of the two options would be preferred by a society as a whole?