If the price of ice-cream falls what happens to the demand for ice-cream? It ris
ID: 1146982 • Letter: I
Question
If the price of ice-cream falls what happens to the demand for ice-cream?
It rises but then falls back as we buy more.
A minimum wage is a price floor on wages - we will more closely consider the issue at the end of the quarter. But we can already extend the discussion on price floors we read about to this one ...,The argument that the costs and benefits of an increased minimum wage are "not transparent" means that:
The costs outweigh the benefits and, as such, we should not raise the minimum wage.
The supply and demand curves for a new calculator are given by the following:
(by the way, please solve this without using a calculator...)
Qs = $20 + 2P
Qd = $100 - 3P
Solve for equilibrium price and quantity:
P = 16
Q = 52
P = 25
Q = 5
P = 5
Q = 25
P = 20
Q = 16
When it comes to public policy, the issue of targeting means:
It rises.Explanation / Answer
Qs= 20+2p and Qd= 100-3p
So in equilibrium, 20+2p = 100 - 3p
Or, 5p = 80 or, p=16.
when p=16, q= 20+2p = 20+(2*16) = 20+32 = 52
So, q=52