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Home Q & A Board Other Fields Homework Help Business Economics
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PaulKet PaulKet
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6 years ago
Suppose the current price and quantity of widgets is p = $50 and Q = 125. The demand for widgets is log-linear and the price elasticity of demand is E = -2. The supply of widgets is perfectly elastic.
a.   Derive the equations for the demand and supply of widgets.
b.   What would be the effect on the equilibrium price and quantity if demand were to increase by 500 widgets?
Textbook 
Microeconomics: Theory and Applications with Calculus

Microeconomics: Theory and Applications with Calculus


Edition: 4th
Author:
Read 145 times
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The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.
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unExpectedunExpected
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6 years ago
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PaulKet Author
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#2
6 years ago
Smiling Face with Open Mouth Yay, got perfect on my quiz
The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.
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