Consider a competitive market for which the quantities demanded and supplied (per year) at various prices are given as follows:
Price (dollars) Demand (millions) Supply (millions)
60 22 14
80 20 16
100 18 18
120 16 20
a. Calculate the price elasticity of demand when the price is $80 and when the price is $100.
b. Calculate the price elasticity of supply when the price is $80 and when the
price is $100.
c. What are the equilibrium price and quantity ?
d. Suppose the government sets a price ceiling of $80. Will there be a shortage,
and if so, how large will it be ?
Answers: 1
Business, 21.06.2019 20:40
Which of the following explains why the government sets a required reserve ratio for private banks? a. to allow the government to control the interest rate charged on loans. b. to prevent banks from printing too much money and causing inflation. c. to make sure banks don't run out of money when customers make withdrawals. d. to enable the regulation of risk levels in the decision process of offering loans. 2b2t
Answers: 1
Business, 21.06.2019 21:00
According to maslow's hierarchy of needs theory, which of the following would be an issue that requires the fulfillment of a lower order need? a)the need for a challenging project at work. b)the need for a promotion at work.c) the need to locate your business in an area with a low crime rate. d)the need for a mentor to you ascend within the company. none of the above
Answers: 3
Business, 22.06.2019 22:30
Experts are particularly concerned about four strategic metal resources that are important for the u.s. economy and military strength, and that must be imported. what percentage does the u.s. import? *
Answers: 2
Business, 23.06.2019 00:30
Dr. hughes enjoys offering to employees who perform over and above the call of duty
Answers: 1
Consider a competitive market for which the quantities demanded and supplied (per year) at various p...
Mathematics, 30.06.2019 03:30
Mathematics, 30.06.2019 03:30
English, 30.06.2019 03:30
Mathematics, 30.06.2019 03:30
Mathematics, 30.06.2019 03:30
Biology, 30.06.2019 03:30
Mathematics, 30.06.2019 03:30
Mathematics, 30.06.2019 03:30
History, 30.06.2019 03:30
English, 30.06.2019 03:30
Mathematics, 30.06.2019 03:30
Mathematics, 30.06.2019 03:30