« previous next »

Author Question: Representative democracy makes no sense from an economic point of view. a. True b. ... (Read 103 times)

fahad

  • Hero Member
  • *****
  • Posts: 570
on: Jul 1, 2018
Representative democracy makes no sense from an economic point of view.
 
  a. True b. False

Question 2

Suppose the market for potatoes can be expressed as follows:
 
  Supply: QS = -20 + 10p
  Demand: QD = 400 - 20p
 
  If the government sets a maximum price of 10 per unit, what will be the quantity demanded and quantity supplied?


ryansturges

  • Sr. Member
  • ****
  • Posts: 338
Reply #1 on: Jul 1, 2018
Answer to Question 1

b

Answer to Question 2

With a maximum price of 10, suppliers will sell only 80 units. (Q = -20 + 10(10 ) = 80 ). But at a price of 10, buyers wish to purchase 200 units: Q = 400 - 20(10 ) = 200. Thus, there will be excess demand of 120 units.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

The use of salicylates dates back 2,500 years to Hippocrates’s recommendation of willow bark (from which a salicylate is derived) as an aid to the pains of childbirth. However, overdosage of salicylates can harm body fluids, electrolytes, the CNS, the GI tract, the ears, the lungs, the blood, the liver, and the kidneys and cause coma or death.

Did you know?

Blood is approximately twice as thick as water because of the cells and other components found in it.

Did you know?

The first monoclonal antibodies were made exclusively from mouse cells. Some are now fully human, which means they are likely to be safer and may be more effective than older monoclonal antibodies.

Did you know?

One way to reduce acid reflux is to lose two or three pounds. Most people lose weight in the belly area first when they increase exercise, meaning that heartburn can be reduced quickly by this method.

Did you know?

Cocaine was isolated in 1860 and first used as a local anesthetic in 1884. Its first clinical use was by Sigmund Freud to wean a patient from morphine addiction. The fictional character Sherlock Holmes was supposed to be addicted to cocaine by injection.

Representative chromosomal landscapes Representative chromosomal landscapes
Cystoscopy. In this procedure, a specialized endoscope with a rigid tube, known as a cystoscope, is Cystoscopy. In this procedure, a specialized endoscope with a rigid tube, known as a cystoscope, is
Who Makes The Decisions at Home? Who Makes The Decisions at Home?
Anterosuperior view of pelvic girdle Anterosuperior view of pelvic girdle
economic question economic question
The Muscular System (Anterior View) The Muscular System (Anterior View)
Video: Hydrogen bonds vs. Ionic bond

For a complete list of videos, visit our video library