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- Miker, a manufacturer of generic medications, is deciding how much to charge retailers for their generic acetaminophen. The marginal cost for each bottle is provided in the accompanying table. If the price of a bottle is $7.75, how many thousand bottles would Miker produce each day? What about if the price is $9.00 per bottle? Use the Rational Rule for Sellers in Competitive Markets to help explain why the values are different. Finally, draw Miker’s individual supply curve. Quantity of acetaminophen (thousand bottles) Marginal cost (per bottle) 1 $6.00 2 $7.00 3 $7.75 4 $8.25 5 $9.00 6 $9.50Name two types of market failure. Explain why eachmay cause market outcomes to be inefficient.As discussed in the lecture, if producers limit the supply of a product (like chickens) they are counting on what to dirive prices up? Multiple Cholce Producer-producer nvalty Consumer-consumer rivoiry Producer-consumer mairy None of the abow
- Let Qd=1600-300P ; and Qs=1400+700P for dark chocolate bars. Explain and illustrate the changes in equilibrium if a. Ads featuring dark chocolate as "good for the heart" b. Price of cocoa becomes cheaper and the ad enticed consumers to buy moreDescribe an example where prices change people's behavior in efficient manners?Think about a competitive market in which youparticipate regularly. For each of the characteristicsof a competitive market, explain how your marketmeets these requirements.
- When the Covid outbreak began, prices of face masks escalated or, in areas where sellers kept prices lower, none could be found on the shelves. For those who received substantially higher prices, let’s assume they reaped significant economic profits. How would theory predict that the market for masks would respond? What market structure best characterizes the market for masks?How do economists handle the issue of multiple market-affecting factors changing at once when conducting market analysis? Explain in short noteusiness EconomicsQ&A Library) If the price of good X increases from RM3 to RM5, the quantity demanded drops from 10 to 12. Find the slope of the demand curve. a) 0.2 b) 5 c) -1 d) -2 Other: 8) Based on Question 7, calculate the quantity when the price is equal to 0 a) 13 b) 2 c) 10 d) 5 9) Based on Question 7, if the market price is equal to 1, determine how many units of good X will be sold in the market. a) cannot be determined b) 12 c) 10 d) 14 Oh no! Our expert couldn't answer your question. Don't worry! We won't leave you hanging. Plus, we're giving you back one question for the inconvenience. Here's what the expert had to say: (7) - wrong data. "quantity demanded drops from 10 to 12" is wrong since value from 10 to 12 is an increase, not a drop. Ask Your Question Again 6 of 10 questions left until 1/15/21 Question I. If the price of good X increases from RM3 to RM5, the quantity demanded drops from 10 to 12. Find the slope of the demand curve. a) 0.2 b) 5 c)…
- Let Qd=1600-300P ; and Qs=1400+700P for dark chocolate bars. Explain and illustrate in a graph the changes in equilibrium if a. Ads featuring dark chocolate as "good for the heart" b. Price of cocoa becomes cheaper and the ad enticed consumers to buy moreGive typing answer with explanation and conclusion Graphically illustrate and explan the impact of expensive and erratic electrivity on the market for Ferrochrome?Kindly think of ten (10) Real Life situations where the Law of Supply and Demand has been / is being APPLIED. in your own please! do not copy the other solutuions here.