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Chapter 6 Equilibrium Surplus Shortage 11-14-11
Chapter 6 Equilibrium Surplus Shortage 11-14-11

... Surplus- is the result of quantity supplied of a product is greater than quantity demanded. This is caused by a price greater than market equilibrium price. ...
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Problem Set #3 - University of Notre Dame
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... Question 1. [5 marks] Suppose the market demand curve for a product is given by Qd=1000-10P and the market supply curve is given by Qs = -50+25P a) [2 marks] What are the equilibrium price and quantity in this market? To find the equilibrium set Qd=Qs 1000-10P=-50+25P P=30 At a price of 30, the mark ...
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... Question 1. [5 marks] Suppose the market demand curve for a product is given by Qd=150-15 Pa+10Pb and the market supply curve is given by Qs = -250+10 P a+ 5Pb. a) [3 marks] What are the ranges of Pa and Pb if the equilibrium prices and quantity are positive in this market? 150-15 Pa+10Pb= -250+10 P ...
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ECON 3070-002 Intermediate Microeconomic Theory
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... ____ 1. Scarcity is a problem only for the poor. ____ 2. Because resources are limited, people must learn to make decisions with opportunity costs. ____ 3. To the left of a minimum point, the slope is negative, to the right, the slope is positive. ____ 4. Production efficiency requires producing at ...
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General equilibrium theory

In economics, general equilibrium theory attempts to explain the behavior of supply, demand, and prices in a whole economy with several or many interacting markets, by seeking to prove that a set of prices exists that will result in an overall (or ""general"") equilibrium. General equilibrium theory contrasts to the theory of partial equilibrium, which only analyzes single markets. As with all models, general equilibrium theory is an abstraction from a real economy; it is proposed as being a useful model, both by considering equilibrium prices as long-term prices and by considering actual prices as deviations from equilibrium.General equilibrium theory both studies economies using the model of equilibrium pricing and seeks to determine in which circumstances the assumptions of general equilibrium will hold. The theory dates to the 1870s, particularly the work of French economist Léon Walras in his pioneering 1874 work Elements of Pure Economics.
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