Posted by allie on Tuesday, September 27, 2011 at 1:54am.
You might try some of the following links for help:
http://www.google.com/search?q=with+a+price+increase+of+milk%2C+what+happens+to+the+equilibrium+price+%26+quanity+for+frozen+yogurt&ie=utf-8&oe=utf-8&aq=t&rls=org.mozilla:en-US:official&client=firefox-a
Sra
The majority of the world’s diamonds comes from Country A and Country B. Suppose that the marginal cost of mining a diamond is $1,000 per diamond and that the demand schedule for diamonds is as follows:
Price Quantity
$ 6,000 5,500
5,000 6,500
4,000 7,500
3,000 8,500
2,000 9,500
1,000 10,500
A. If there were MANY sellers of diamonds, what would equilibrium price and quantity? Why?
B. If there were only one seller, what would be the equilibrium price and quantity? Why?
C. If Country A and Country B formed a cartel, What would be the equilibrium price and quantity? Why? Is this cartel likely to survive? Why or why not?
Related Questions
economics - Given the business situation of Mrs. Acres Homemade Pies (p. 30) and...
economics - Given the business situation of Mrs. Acres Homemade Pies (p. 30) and...
ECONOMICS - How is the equilibrium price determined? My Answer: Equilibrium ...
micro economics - 1) Assume that the gold-mining industry is competitive. a) ...
statistics - 20. Supply and Demand Let the supply and demand functions for ...
economics - 2. Suppose that the quantity of corn supplied depends on the price ...
ECONOMICS - ARE THE 3 BASIC CHARACTERISTICS OF THE ECONOMIC PERSPECTIVE SUPPLY, ...
supply and demand - -what happens if a shortage of a product currently exists in...
home economics - Graphing : Mooville is a small town in texas. assume that beef ...
Supply & Demand - 42) Given the demand equation 3 + p -40=0 and the supply ...
For Further Reading
