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Margarita [4]
3 years ago
6

The total demand for wheat in the U.S. is given by Qd = 1750 - 130 P. Domestic supply is given by, Qs = 1000 + 170 P. Price is m

easured in dollars/ton and quantity is measured in thousands of tons. The equilibrium price and quantity of wheat are:

Business
1 answer:
yaroslaw [1]3 years ago
7 0

Answer:

Equilibrium price is $2.50

Quantity of wheat is 1,425 tons

Explanation:

Please refer to the attached file.

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An increase in the price of gasoline will reduce the amount of gasoline purchased. This is
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Answer:

<h2>In this case,the answer is option is B. or a positive economic statement.</h2>

Explanation:

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3 years ago
While on a hike with a tour group in the mountains, Derek gets mauled by a bear. No previous reports of bears in the area had be
wlad13 [49]

Answer: D. Derek assumed the risk of a bear attack by joining the tour group, so he cannot hold the tour company liable

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Derek has to accept that by joining the tour group, he assumed some the risk of some elements of danger amongst them the bear attack.

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In the long run equilibrium, a monopolistic competitor will produce to the point at which A) actual average total costs are at t
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Monopolistic competition is the economic market model with many sellers selling similar, but not identical, products. The demand curve of monopolistic competition is elastic because although the firms are selling differentiated products, many are still close substitutes, so if one firm raises its price too high, many of its customers will switch to products made by other firms. This elasticity of demand makes it similar to pure competition where elasticity is perfect. Demand is not perfectly elastic because a monopolistic competitor has fewer rivals then would be the case for perfect competition, and because the products are differentiated to some degree, so they are not perfect substitutes.

Monopolistic competition has a downward sloping demand curve. Thus, just as for a pure monopoly, its marginal revenue will always be less than the market price, because it can only increase demand by lowering prices, but by doing so, it must lower the prices of all units of its product. Hence, monopolistically competitive firms maximize profits or minimize losses by producing that quantity where marginal revenue equals marginal cost, both over the short run and the long run.

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3 years ago
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