The supply and demand funcions for a produd are; 9; = 6p² – 600 and qa = 5p² – 20p + 900 . Detemine the market equilibrium price and quantity. Also draw the supply-demand equilibrium graph.

Q: Make necessary Graph Chart of Highlight definiation with labels

A: Answer:  In the first case, the relationship between the two substitute goods is shown. Let the two ...

Q: Explain how indifference curves can never cross.

A: Indifference curves can never cross each other. We can explain this with the help of the two axioms ...

Q: Q2) Two goods have a cross-price elasticity of demand of 1.2:  i) Would you describe the nature of g...

A:   Meaning of Cross-Elasticity of Demand: In context of the relationship between goods, the concept o...

Q: What is the principal-agent problem? Have you ever worked in a setting where this problem has arisen...

A: Asymmetric information means when in a market one party is more informed than the other party. Asymm...

Q: Two goods have a cross price elasticity of demand of i) would you describe the nature of goods ?  ii...

A: Cross Price elasticity of demand is defined as percentage change in quantity of one good due to one ...

Q: Why is a quota more detrimental to an economy than a tariff that results in the same level of import...

A: "Since you have asked multiple questions, we will answer only first question for you. If you have an...

Q: Suppose you have a team of two workers: one is a baker and one is a chef. Explain why the kitchen ca...

A: Adam Smith in 'The wealth of Nations' introduces division of labor which means that the way a good o...

Q: 2. 2. Calculation: Multiple choice question: only one correct answer for each choosee (a)e A consume...

A:

Q: Hi What is the equivalent annual cost in years 1 through 10 of a contract that has a first cost of $...

A: Given: First cost = $78000 Interest rate= 10% Other cost = annual cost of $17000 through year 3 to 1...

Q: 1. Identify the Nash Equilibria and Subgame Perfect Nash Equilibria in pure strategy of this game.  ...

A: In this game backward induction cannot be applied because it is not a perfect information game. It i...

Q: Suppose that the opportunity-cost ratio for watches and cheese is 1C ≡ 1W in Switzerland but 1C ≡ 4W...

A: Switzerland can produce either 1 cheese or 1 watch and Japan can produce either 1 cheese or 4 watche...

Q: Use quintiles to briefly summarize the degree of income inequality in the United States. How and to ...

A: In 2016, the lowest quintiles’ average market income in the United States was $15,600 and for the hi...

Q: Suppose that the government of China is currently fixing the exchange rate between the U.S. dollar a...

A: The rate of exchange refers to the value of a domestic currency expressed in terms of foreign curren...

Q: To save money, some fast food chains are now having their customers place their orders at computer k...

A: The introduction of the computer kiosks and the people ordering food using those kiosks only will ma...

Q: Is the National Labor Relations Act (also known as the Wagner Act) still relevant today? Why or why ...

A: The national labor relations act (NLRA) was introduced to support the labor as well as the labor uni...

Q: the term "prdouct" refers to physical (i.e. tangible) goods rather than services. True or False? Why...

A: Usually, the term product refers to “a thing which is produced by a labor” or “effort or it is a res...

Q: After mining 9,273 tons of coal, Blue Sky Mining’s managers note that the marginal cost of mining th...

A: The total cost of producing one extra ton of coal is $75 (40+35). Total revenue received from sellin...

Q: True or false: Under the “rule of reason” that was established by the Supreme Court in the U.S. Stee...

A: The 'rule of reason' is an analysis of whether the practice of firm help or hurt competition. Under ...

Q: Discuss how unions increase wage rates by pursuing the demand-enhancement model, the craft union mod...

A: A labor union or a trade union is an organization that is formed by the collectivization of workers ...

Q: Which of the scenarios are examples of an economic signal? Select all that apply  a - Prices in hous...

A: Demand and Purchasing power: There is a positive or direct relationship between demand for a commodi...

Q: Explain it early I upvote definitely.  Not copy paste answer gives

A: The following two steps will show that strong monotonicity implies local non-satiation but not vice ...

Q: Number 4 please

A:

Q: Given the following:   zA = 16 − 3x         zB = 14 − 2y,  where z is the marginal utility per dolla...

A: The Indifference curve represents the various combinations of two commodities that will yield the sa...

Q: What are the main categories of government spending? What are the main categories of government reve...

A: Government spending is the fund spend by the government on the various sector of society. It has the...

Q: Suppose a consumer’s utility function is given by U(X,Y) = X1/2*Y1/2.  Also, the consumer has $72 to...

A:

Q: A news clipping service is considering modernization. Rather than manually clipping and photocopying...

A:

Q: Summarize the main implications of the neoclassical consumption model forconsumption and saving.

A: The neoclassical model of consumption is based on the assumption that consumers derive their utility...

Q: True or false: Economists believe that social regulation is an exception to the MB = MC rule because...

A: The economists are concerned more about the economy as they argues for the better environmental conc...

Q: You are given the following information.   Savings S = 150 Investment I  = 100 Taxes T = 250 Govern...

A: The sum of business and household savings is called private savings. Public savings refers to the ex...

Q: Hi can I get d and e done please? Thanks!

A: d. The number of workers multiplied by the productivity of one worker is the total number of workers...

Q: Economics Question

A: If the person spends all the hours in studying sociology, she can read 250 pages. If she spends all ...

Q: At the current market equilibrium, price is $17 and quantity is 50. A tax of 25% is imposed, after w...

A: A tax is a financial surcharge imposed by the government on an economic activity such as production ...

Q: Corn is a major input in both food production and ethanol production. During the mid-to-late 2000s, ...

A: If the Federal mandates increased the amount of ethanol in gasoline, it means that more ethanol will...

Q: You are the new Governor of State Bank of Pakistan after Reza Baqir.  For each of the situations lis...

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and s...

Q: What is scarcity? Can you think of 2 causes of scarcity?

A: Scarcity is the basic economic problem and can also be considered as the fact of life. It is basical...

Q: What is the opportunity cost of investing in a physical capital?

A: According the Neo-classical theory of economics with respect to factors of production there are thre...

Q: 1. Factors that increase productivity and explain each 2. Explain what is Short run and Long run Per...

A: Since you have asked multiple questions, we will solve the first question for you. If you want any s...

Q: True or False: If Country B has an absolute advantage over Country A in producing bicycles, it will ...

A: Let us suppose an economy produces only two goods -  X and  Y. Opportunity cost, in simple economic ...

Q: An economy produces hot dogs and hamburgers. If a discovery of the remarkable health benefits of hot...

A: Production Possibility Curve represents different combinations of two goods that can be produced in ...

Q: Consider the following production function                                                     TPL =...

A: Hi Student, Thanks for posting the question. As per the guideline, we are providing answer for the f...

Q: Should a nation’s income be distributed to its members according to their contributions to the produ...

A: "Since you have asked multiple questions, we will answer only first question for you. If you have an...

Q: American apparel makers complain to Congress about competition from China. Congress decides to impos...

A: In order to protect the domestic industry from the effects of international trade, governments use p...

Q: Q1) Sales are a function of advertising in newspapers and magazines (X, Y).                         ...

A: Sales which is a function of advertising in newspapers and magazines (X, Y) is given as- S = XY2 (Ob...