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QUESTION 4 Suppose the market supply for Good X is given by QXS = -100 +...
QUESTION 4
- Suppose the market supply for Good X is given by QXS = -100 + 5PX. Compute and illustrate with completely labelled diagram the producer surplus if the equilibrium price of X is $100 per unit (show the relevant calculation).
- The daily market demand and supply for beef in New york is given by:
Qd= 16,000 – 1,000P
Qs= 2,000 + 1,000P
The quantity and price are measured in tonnes and Dollars, respectively.
- Determine the equilibrium quantity and price in the above market,
- Explain what will happen if the government imposes a price ceiling of $10 on the chicken.
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