Rome now has absolute advantage in the production of purple dye. Rome now has comparative advantage in the production of purple dye. Carthage maintains its comparative advantage in the production of purple dye. John and Bobby love to play golf. The following equations provide their individual demand curves for golf where P is the price for a round of 18 holes of golf and Q is the number of 18 hole rounds: John's Demand for golf: QJ = 20 P – Bobby's Demand for golf: QB = 7 (1/2)P – Suppose that John and Bobby are the only two golfers in the market. What is the market demand curve for golf? Multiple Choice Answer to Bubble In P = 20 Q P = 18 (2/3)Q a. – – if 0 Q 6 if 6 Q 27 ≤ ≤ ≤ ≤ b. P = 27 (3/2)Q P = 20 Q – – if 0 Q 14 if 14 Q 20 ≤ ≤ ≤ ≤ c. P = 40 Q P = 32 (2/3)Q – – if 0 Q 24 if 24 Q 48 ≤ ≤ ≤ ≤ d. P = 48 (3/2)Q P = 40 Q – – if 0 Q 24 if 16 Q 40 ≤ ≤ ≤ ≤ Use the following information for the next two (2) questions: Consider the market for corn where the market is described by the following equations where Q is the quantity of corn and P is the price in dollars per unit of corn: Market Demand for corn: QD = 9 - P Market Supply of corn: Qs = 2P
Rome now has absolute advantage in the production of purple dye. Rome now has comparative advantage in the production of purple dye. Carthage maintains its comparative advantage in the production of purple dye. John and Bobby love to play golf. The following equations provide their individual demand curves for golf where P is the price for a round of 18 holes of golf and Q is the number of 18 hole rounds: John's Demand for golf: QJ = 20 – P Bobby's Demand for golf: QB = 7 – (1/2)P Suppose that John and Bobby are the only two golfers in the market. What is the market demand curve for golf? Multiple Choice Answer to Bubble In a. P = 20 – Q if 0 ≤ Q ≤ 6 P = 18 – (2/3)Q if 6 ≤ Q ≤ 27 b. P = 27 – (3/2)Q if 0 ≤ Q ≤ 14 P = 20 – Q if 14 ≤ Q ≤ 20 c. P = 40 – Q if 0 ≤ Q ≤ 24 P = 32 – (2/3)Q if 24 ≤ Q ≤ 48 d. P = 48 – (3/2)Q if 0 ≤ Q ≤ 24 P = 40 – Q if 16 ≤ Q ≤ 40 Use the following information for the next two (2) questions: Consider the market for corn where the market is described by the following equations where Q is the quantity of corn and P is the price in dollars per unit of corn: Market Demand for corn: QD = 9 - P Market Supply of corn: Qs = 2P
firstmidtermspring2015withanswervs1.docx