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- What is the highest price consumers would be willing to pay forthis product? Also called the reservation price in the market.If one gas station reduces its prices, must other gas stations match the price reduction? Why or why not?What would be the impact of introducing a minimum allowable price on a highly desirable product?
- The amount of a good or a service that a producer supplies at a specific price is called:What would the supply curve for houses (in a given city) look like for a time period of 2 hoursThe demand and supply functions for Penn State ice hockey jerseys are: p=d(x)=x²-15x + 545 p=s(x) = 5x² + 3x + 17 where x is the number of hundreds of jerseys and p is the price in dollars. (a) Find the equilibrium quantity, Equilibrium quantity, x- (b) Compute the total surplus at the equilibrium point. Total surplus = which corresponds to dollars jerseys.
- True/False Excess supply of a commodity occurs Exists when it's market price is greater than its equilibrium price.The equilibrium price means that the supply and demand for a product are in balance.True or FalseA theatre that sells a ticket for a comedy show. The ticket price is 3 Rials to have a seat and watch the show. There is a snack to be given to each ticket buyer that cost 1 Rial. Now, consider this scenario: There are about 50 seats that are not sold and the show is few minutes to start and there is a standby customer willing to buy the ticket by price less than 3. What is the minimum price the theater can offer? Explain the logic about your answer.