Please answer all questions 20. In the market for fish there are four suppliers. If the price is R50 per fish, Mark's fisheries willsupply 160 fishes. If the price is R50, Sea Harvest will not produce any fish, but it will produce 230fishes if the price is R60 per fish. The Hick's fisheries will produce 400 fishes for a price of R50 andSardine Runners will produce 60 fishes if the price is R50 per fish. What is the market supply of fishat a price of R50 per fish?a)160b)400c)620d)85021. Given the two equations below, which one of the following indicates equilibrium price andquantity?Q = 100 -3PQs = 50 + 2Pa)Price = 30, quantity = 70b)Price = 3, qunatity = 100c)Price = 10, quantity = 70d)Price = 5, qunatity = 5022. If products A and B are substitutes, products B and C are complements and the markets forproduct A and C are unrelated, which one of the following statements regarding the markets forproduct A, B, and C is true?a)A decrease in the price of product A will result in an increase in the demand for product Bb)A decrease in the price of product A will result in an increase in the demand for product Cc)An increase in the price of product B will result in an increase in the demand for product Cd)An increase in the price of product B will result in increase in the demand for product A

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20. In the market for fish there are four suppliers. If the price is R50 per fish, Mark's fisheries will supply 160 fishes. If the price is R50, Sea Harvest will not produce any fish, but it will produce 230 fishes if the price is R60 per fish. The Hick's fisheries will produce 400 fishes for a price of R50 and Sardine Runners will produce 60 fishes if the price is R50 per fish. What is the market supply of fish

20. In the market for fish there are four suppliers. If the price is R50 per fish, Mark's fisheries will supply 160 fishes. If the price is R50, Sea Harvest will not produce any fish, but it will produce 230 fishes if the price is R60 per fish. The Hick's fisheries will produce 400 fishes for a price of R50 and Sardine Runners will produce 60 fishes if the price is R50 per fish. What is the market supply of fish

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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