MACROECONOMICS
14th Edition
ISBN: 9781337794985
Author: Baumol
Publisher: CENGAGE L
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Textbook Question
Chapter 4, Problem 4TY
The following table summarizes information about the market for principles of economics textbooks:
- What is the
market equilibrium price and quantity of textbooks? - To quell outrage over tuition increases, the college places a $55 limit on the price of textbooks. How many textbooks will be sold now?
- While the price limit is still in effect, automated publishing increases the efficiency of textbook production. Show graphically the likely effect of this innovation on the market price and quantity.
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The table below shows the monthly demand and supply of gallons of Ghana Nuts Oil at different prices. Use the information in the table to answer the questions that follows:
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Quantity of gallons Supplied
20
5000
1000
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4000
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Use the information in the table to sketch the demand and supply curve on the same axis. (NOTE: Graph sheet is not needed).
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Suppose the Government of Ghana imposes a minimum price legislation which led to surpluses in the oil market, discuss two ways that can be use to address or mitigate the surpluses in the market.
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What is Efficiency?; Author: Marketing Business Network;https://www.youtube.com/watch?v=HtyE1V6jXek;License: Standard Youtube License