What term describes the worldwide sector that facilitates research and development, as well as design of new military systems an
1 answer:
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Answer:
$3
Explanation:
A price floor is when the government or an agency of the government sets the minimum price of a product. A price floor is binding if it is set above equilibrium price.
Price ceiling is when the government or an agency of the government sets the maximum price for a product. It is binding when it is set below equilibrium price.
Equilibrium price is the price at which quantity demand equal quantity supplied. Above equilibrium price there is a surplus - quantity supplied exceeds quantity demanded.
Below equilibrium price there is a shortage - quantity demanded exceeds quantity supplied
Shortage = $12 - $9 = $3
Solution :
a). Bundles = U ( _____ , 2), lie on the same indifference curve. Suppose missing numbers is x.
So,
(40 x 5) + (2 x 5) = 50x + (2 x 2)
210 - 4 = 5x
So Alexander has apples and
bananas. The indifference curve though
also include bundle.
Therefore, (41.2, 2)
b).
= 0.4
So Alexander has apples and
bananas with this bundle. Alexander would like to give up
unit apples for a banana.