Economics Answers

Consider a competitive market with demand given by P = 100 - 2Q and supply given by P =

10 + Q.

i. Find competitive equilibrium price and quantity.

ii. Suppose government introduces as per unit tax of t = 15 on producers.
Find the quantity traded in the market after tax.

Find the price paid by consumers and price received by producers after tax. Show your results on a diagram.

In a perfectly competitive market, the market demand curve is given by Qd = 200 -5P, and

the market supply curve is given by Qd =35P.

i. Find the equilibrium market price and quantity demanded and supplied in the absence

of price controls.

ii. Suppose a price ceiling of $2 per unit is imposed. What is the quantity supplied with a

price ceiling of this magnitude? What is the size of the shortage created by the price

ceiling?

iii. Find the consumer surplus and producer surplus in the absence of a price ceiling.

iv. Find the consumer surplus and producer surplus under the price ceiling.

Which is one of the two aspects of a business cycle?

if demand for show tickets is described by the equation QD = 100 - p, and supply is QS = 20 + p, find the equilibrium price and quantity. How would you answer change if the supply curve shifted to due to increases in actor salaries? What would the supply curve look like if the capacity of the theatre was 50 people?

What is the most common material resource?

If a business increases the price of its product by $57.01 to $60.56 and still increases its unit sales from 78956 to 99850 how much would unit sales increase for every 1% decrease in price.

Briefly explain Keynesian theory of employment.what are the demands for money according to keynes?

a. Evaluate the statement by the economist: "Prices in the U.S. are artificially low. You're not paying the costs of pollution, and that is why China is an environmental catastrophe." (Hint: the economist has identified a type of market failure.)

How would private ownership of a certain creature/item protect it from destruction?

15) Articles of partnership
A. are required to form a partnership by federal law.
B. are a formal written agreement that states the partners’ relationship.
C. may be an oral agreement.
D. Both b and c

18) Allison and Josh are partners in a business. Allison’s capital is $60,000, and Josh’s capital is $100,000. Profits for the year are $80,000. They agree to share profits and losses as follows:

Allison Josh
Salaries $20,000 $40,000
Interest on capital 10% 10%
Remaining profits and losses 3/5 2/5
Allison’s share of the profits before paying salaries and interest on capital is:

A.
$48,000.


B.
$22,000.

C.
$28,000.

D. $28,400.

19) When two proprietors decide to combine their businesses and form a partnership, GAAP usually requires that noncash assets be taken over at their _______ on the date of the partnership.
A. residual value
B. book value
C. fair market value
D. historical cost