EBK MICROECONOMICS
9th Edition
ISBN: 8220103630955
Author: Rubinfeld
Publisher: PEARSON
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Textbook Question
Chapter 2, Problem 2E
Consider a competitive market for which the quantities demanded and supplied (per year) at various prices are given as follows:
| (DOLLARS) |
(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?
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Chapter 2 Solutions
EBK MICROECONOMICS
Ch. 2 - Prob. 1RQCh. 2 - Prob. 2RQCh. 2 - If a 3-percent increase in the price of corn...Ch. 2 - Prob. 4RQCh. 2 - Explain why for many goods, the long-run price...Ch. 2 - Why do long-run elasticities of demand differ from...Ch. 2 - Prob. 7RQCh. 2 - Prob. 8RQCh. 2 - Prob. 9RQCh. 2 - In a discussion of tuition rates, a university...
Ch. 2 - Suppose the demand curve for a product is given by...Ch. 2 - Prob. 12RQCh. 2 - Prob. 13RQCh. 2 - Prob. 1ECh. 2 - Consider a competitive market for which the...Ch. 2 - Prob. 3ECh. 2 - Prob. 4ECh. 2 - Prob. 5ECh. 2 - Prob. 6ECh. 2 - In 2010, Americans smoked 315 billion cigarettes,...Ch. 2 - In Example 2.8 we examined the effect of a...Ch. 2 - In Example 2.8 (page 52), we discussed the recent...Ch. 2 - Prob. 12E
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