For the demand function Qd = a - bP and the supply fuction Qs = dP - c, using Cramer's rule determine the equilbrium price and equilibrium quantity.
For the demand function Qd = a - bP and the supply fuction Qs = dP - c, using Cramer's rule determine the equilbrium price and equilibrium quantity.
Microeconomics: Principles & Policy
14th Edition
ISBN:9781337794992
Author:William J. Baumol, Alan S. Blinder, John L. Solow
Publisher:William J. Baumol, Alan S. Blinder, John L. Solow
Chapter16: Externalities, The Environment, And Natural Resources
Section: Chapter Questions
Problem 4DQ
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1. For the demand function Qd = a - bP and the supply fuction Qs = dP - c, using Cramer's rule determine the equilbrium
2. In calm waters, the oil spilling from the ruptured hull of a grounded tanker spreads in all directions. Assuming that the area polluted is a circle and that its radius is increasing at a rate of 2ft/sec, determine how fast the area is increasing when the radius of the circle is 40ft.
3. A firms production function is Q(L) is 15L2 - 0.1L3, where output (Q) is a fuction of a single input labour (L)
I. Find the number of workers required to maximize total product.
II. For what number of workers is average product maximum
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