MACROECONOMICS (LL)
21st Edition
ISBN: 9781260186949
Author: McConnell
Publisher: MCG
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Question
Chapter 3, Problem 7P
Subpart (a):
To determine
Equilibrium price and quantity.
Table – 1 shows the value of quantity demanded and quantity supplied by the apartment:
Table -1
Monthly rent | Apartment demanded | Apartment supplied |
2,500 | 10,000 | 15,000 |
2,000 | 12,500 | 12,500 |
1,500 | 15,000 | 10,000 |
1,000 | 17,500 | 7,500 |
500 | 20,000 | 5,000 |
Subpart (b):
To determine
Equilibrium price and quantity.
Table – 1 shows the value of quantity demanded and quantity supplied by the apartment:
Table -1
Monthly rent | Apartment demanded | Apartment supplied |
2,500 | 10,000 | 15,000 |
2,000 | 12,500 | 12,500 |
1,500 | 15,000 | 10,000 |
1,000 | 17,500 | 7,500 |
500 | 20,000 | 5,000 |
Subparts (c):
To determine
Equilibrium price and quantity.
Table – 1 shows the value of quantity demanded and quantity supplied by the apartment:
Table -1
Monthly rent | Apartment demanded | Apartment supplied |
2,500 | 10,000 | 15,000 |
2,000 | 12,500 | 12,500 |
1,500 | 15,000 | 10,000 |
1,000 | 17,500 | 7,500 |
500 | 20,000 | 5,000 |
Subpart (d):
To determine
Equilibrium price and quantity.
Table – 1 shows the value of quantity demanded and quantity supplied by the apartment:
Table -1
Monthly rent | Apartment demanded | Apartment supplied |
2,500 | 10,000 | 15,000 |
2,000 | 12,500 | 12,500 |
1,500 | 15,000 | 10,000 |
1,000 | 17,500 | 7,500 |
500 | 20,000 | 5,000 |
Expert Solution & Answer
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Suppose a firm sells two goods, Good A and Good B. Use the following information to answer questions that follow:
Profit maximising price of Good A = R6000
MC at profit maximising level of output of Good A = R1200
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Total revenue of Good A = R80000
Total revenue of Good B = R68000
Rothschild index of Good B = 0.6
Price elasticity of the market demand for Good B = -1.2
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Chapter 3 Solutions
MACROECONOMICS (LL)
Ch. 3.6 - Prob. 1QQCh. 3.6 - Prob. 2QQCh. 3.6 - Prob. 3QQCh. 3.6 - Prob. 4QQCh. 3.A - Prob. 1ADQCh. 3.A - Prob. 2ADQCh. 3.A - Prob. 3ADQCh. 3.A - Prob. 4ADQCh. 3.A - Prob. 5ADQCh. 3.A - Prob. 6ADQ
Ch. 3.A - Prob. 7ADQCh. 3.A - Prob. 1ARQCh. 3.A - Prob. 2ARQCh. 3.A - Prob. 3ARQCh. 3.A - Prob. 4ARQCh. 3.A - Prob. 5ARQCh. 3.A - Prob. 6ARQCh. 3.A - Prob. 1APCh. 3.A - Prob. 2APCh. 3.A - Prob. 3APCh. 3 - Prob. 1DQCh. 3 - Prob. 2DQCh. 3 - Prob. 3DQCh. 3 - Prob. 4DQCh. 3 - Prob. 5DQCh. 3 - Prob. 6DQCh. 3 - Prob. 7DQCh. 3 - Prob. 8DQCh. 3 - Prob. 1RQCh. 3 - Prob. 2RQCh. 3 - Prob. 3RQCh. 3 - Prob. 4RQCh. 3 - Prob. 5RQCh. 3 - Prob. 6RQCh. 3 - Prob. 7RQCh. 3 - Prob. 8RQCh. 3 - Prob. 9RQCh. 3 - Prob. 1PCh. 3 - Prob. 2PCh. 3 - Prob. 3PCh. 3 - Prob. 4PCh. 3 - Prob. 5PCh. 3 - Prob. 6PCh. 3 - Prob. 7P
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