Market demand

Suppose that the market demand for broccoli is given by Q=1000-5P and the market supply of broccoli is given by Q=4P-80 where Q is quantity per year measured in hundreds of bushels an P is price in dollars per hundred bushels. a. Find the equilibrium price/quantity combination b. How much in total is spent on broccoli? c. ...continues

Supply and demand questions

Suppose that the market demand for bus rides is given by Q=420-30P and the market supply of bus rides is given by Q=30P where Q is bus rides per week in thousands and P is the price per bus ride in dollars. a. Find the equilibrium price/quantity combination for bus rides. b. How much is spent on bus rides? What is consume ...continues

Demand and Supply Curve, Consumer Surplus and Producer Surplus, Deadweight Loss (DWL)and Tax

Suppose that the market demand for bus rides is given by Q=420-30P and the market supply of bus rides is given by Q=30P, where Q is bus rides per week in thousands and P is the price per bus ride in dollars. a. Find the equilibrium price/quantity combination for bus rides. b. How much is spent on bus rides? What is consumer ...continues

Calculating utility, with graph

You are choosing between two goods, X and Y, and your total utility from each is shown below. Units TUx TUy 1 10 8 2 18 15 3 24 21 4 28 26 5 31 30 6 33 33 a. If your income is $9 and the prices of X and Y are $2 and $1, respectively ...continues

Tables and problem solving

PLEASE REPLY IN TABLE FORMAT FOR THE FIRST SECTION AND EXPLAIN A,B,C,& D. Complete the following table, where L is units of labor, Q is units of output and MP is the marginal product of labor. L Q MP TVC STC MC ATC 0 0 $0 $12 1 6 3 15 2 15 6 3 2 ...continues

Problem solving and graphing

Complete the following table, assuming that each unit of labor below costs $75 per day. L Q TFC TVC STC MC 0 0 $300 $ $ $ 1 5 75 15 2 11 150 450 12.5 3 15 525 4 18 ...continues

Problems with Cost Curves

Please see the attachment.

Edgeworth Box

If I had initial endowments XA = (0, X2), and XB = (X1, 0) Is there any impact if both goods were inferior, X2 for A and X1 for B? If I started with one equilibrium p* and went to another p* that had a higher price for X1, could the second p* be an equilibrium (using a Slutsky decomposition and keeping in mind the inferiorit ...continues

Complement Utility Function MRS

How do you find the MRS of a utility function describing complement preferences, e.g U=min(3x+y,x+2y)? How do you go about drawing an indifference for such a utility function?

Plotting Initial Endowment Points

How to plot initial endowment points on a edgeworth box graph?