If the supply of a product decreases and the demand for that product simultaneously decreases, we can say that the equilibrium

The parks district wants to put up a new playground in the local park in a three-family town. The marginal benefit for Jim would be $500; the marginal benefit for Jake would be $200. The marginal benefit for Connor, who has six children, would be $2,000. The total cost of putting in the swing set is $1,400 and each family needs to pay an equal amount. With no vote trading allowed, how many families would vote for this playground?

If the demand for apples (a normal good) shifts to the left, the most likely reason is that

The demand for commodity X is represented by the equation P = 20 – 0.2Q and supply by the equation P = 4 + 0.2Q. The equilibrium quantity is?

Pa and Pb are the prices that individuals A and B are willing to pay for the last unit of a public good, rather than do without it. These people are the only two members of society. The marginal cost of producing this good at the optimal quantity is $6. What is the optimal quantity? Indicate to the nearest whole number (e.g., 9). Exam 2 last unit.PNG  

If a market is in equilibrium, which government action could reduce demand?

Suppose that tacos and pizza are substitutes, and that soda and pizza are complements but folks tend to drink beer or water with tacos. We would expect a decrease in the price of pizza to

Which of the following is true of John Calvin

How did the Mound-building cultures reflect geographic/natural forces?

Which of the following is a feature commonly found in karst landscapes? Select the three that apply