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what is implicit cost



The market for lemon has 10 potential consumers, each having an individual demand curve p=101-10Qi, where p is price in dollars per cup and Qi is the number of cups demanded per week by the ith consumer. Find the market demand curve. What is the quantity demanded by each consumer and in the market as a whole when lemon is priced at p=$1/cup?
What are type of money supply
marks; 25 each)
You are a project coordinator with an international NGO whose main activities are aimed at alleviating rural poverty. With any four (4) clear examples, explain how your knowledge in Development Communication would be useful in your engagements with the main beneficiaries of your interventions.

Analyse how an individual consumer's demand curve for a product is derived and consider how this may be linked to its market demand.


Coca-Cola Company introduced New Coke largely because of Pepsi’s success in taste tests head to head with Coke Classic. Consider the following hypothetical information: (1) In blind taste tests, 58 percent of subjects preferred Pepsi to Coke Classic; (2) in similar tests, 58 percent of subjects preferred the taste of New Coke to

Pepsi. From these findings, what can Coca-Cola’s management conclude about consumers’ preferences between Coke Classic and New Coke


Which of the following results from an effective price floor

1.equilibrium

2.producer surplus

3.excess supply

4.excess demand


You have been appointed as an economic advisor to the principle of bright sparks college,a firm operating in the market for tertiary education.over past 18 months the following simultaneous changes have been noticed in the market for tertiary education:
- A decrease in consumer income
- An increase in the cost of providing tertiary education services.
Explain,with the aid of a graph, the impact of the above changes on the equilibrium price and equilibrium quantity in the tertiary education
( Seven marks for a graph and 8 for the explanation)
suppose that the world price of cotton is $250 a ton, pakistan does not trade internationally and the equilibeium price of cotton in pakistan is $150 a ton .pakistan begins to trade internationally. how does the price of cotton in pakistan change
Suppose that the world price of cotton is $250 a ton, Pakistan does not trade internationally, and the equilibrium price of cotton in Pakistan is $150 a ton. Pakistan then begins to trade internationally.
a.Howdoes the price of cotton in Pakistan change?
b.Howdoes the quantity of cotton produced in Pakistan change?
c.Howdoes the quantity of cotton bought by Pakistan change?
d.DoesPakistan export or import cotton and why?



Draw the diagram
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