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n a certain market for sobolo,when the price of the drink was Ghc 3 the quantity demanded was 12bottles.On another day,when the price per bottle was 5 cedis,the quantity demanded was 6 bottles.Use the information to write the equation for demand.Now,what will be quantity demanded if price per bottle was 6cedis.If we restrict price to the same demand curve,what will happen if price is less than Ghc 2.
At any given point on an indifference curve, the absolute value of the slope equals (A) unity--otherwise there would be no indifference. (B) the marginal rate of substitution. (C) the consumer’s marginal utility. (D) none of the above.
In which war was the Battle of Gettys-burg a key clash?
In the market for Fante Kenley, the supply and demand functions respectively are Qs = 0.25P+10 and -0.5P+100 When there is excess demand, price adjusts according to the equation dp/dt = 0.5(Qd - Qs) a) Find the long run equilibrium price, P* (that is, the price at which there is no excess demand or supply). b) Formulate and solve he first order differential equation giving P as a function of time, t. Is this market dynamically stable or unstable? c) If the initial price is P = 50, how close will the price be to its long run equilibrium value, when t = 10?
You are a member of Board who chairs an ad committee of reforming taxes on telecommunication services. The local telecom tax es can amount to as much as 25 percent of a consumer’s phone bill. The high rates on telecom services have become quite controversial, due to the fact that the deregulation of the telecom industry has led to a highly competitive market. Your best estimates indicate that, based on current tax rates, the monthly market demand for telecommunication services is given by Q=250-5P and the market supply (including taxes) is Q=4P+110 (both in million). The Board of management is considering tax reform that would dramatically cut tax rates, leading to the supply function under the new tax policy of Q=4.171P+110. How much money would typical consumer save each month as a result of proposed legislation?
Which generation from the past 200 years made the biggest impact on culture with their religious practice and beliefs? Explain your answer.
If a maximum price is set below the equilibrium price, A. there will be a shortage. B. sellers will find it difficult to find willing buyers. C. market equilibrium will occur in spite of government regulation. D. all buyers will be able to purchase their desired quantities.
Why Marginal Utility MUy of XY + 2X equals X