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Explain the term ‘opportunity cost’. 

24. The demand curve and supply curve for one-year discount

bonds with a face value of $1,000 are represented by the

following equations:

Bd : Price = -0.8 * Quantity + 1100

Bs : Price = Quantity + 680

a. What is the expected equilibrium price and quantity

of bonds in this market?

b. Given your answer to part (a), what is the expected

interest rate in this market?

A firm's production function is described by the following equation 𝑸=𝟏𝟎,𝟎𝟎𝟎𝑳−𝟑𝑳 𝟐 where L stands for the labor units. (20 points).

a) Draw a graph for this equation. Use the quantity produced on the y-axis and the labor units on the x-axis.

b) What is the maximum production level?

c) How many units of labor are needed at that point? 

From statistical studies, we know that for 1981 the supply curve for wheat was approximately as follows: Supply: QS = 1800 + 240P Where price is measured in dollars per bushel and quantities are in millions of bushels per year. These studies also indicate that in 1981 the demand curve for wheat was Demand: QD = 3550 – 266P a. Find the market clearing price and equilibrium quantity of wheat for the year1981. b. What do we mean by surplus and deficit? Show us your answer graphically using the above demand and supply functions c. Show the effects of changes in demand and supply in equilibrium price and equilibrium quantity

The mathematical functions of supply and demand for broilers in the local market are given below:

The Supply function is:                 Qs = 2100 + 344P;

The Demand function is:              Qd = 3660 – 324P;

The Equilibrium Price is P.

a)     Determine the Equilibrium Price, P.

b)     Mathematically determine the equilibrium Supply and Demand volume for broilers in this market. Show all calculations.

Find equilibrium price and quantity if;



The following are two distinct demand functions: 𝑞1=24−0.2𝑃1 and 𝑞2=10−0.05𝑃2. The average cost AC=40+35/q. What price the firm will change without discrimination?

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