ECO200Y5 Study Guide - Final Guide: Broccoli, Marginal Cost, Economic Surplus
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Tutorial 8 - wednesday - june 18, 2014 - 4pm - 5pm. Suppose the daily demand curve for flounder at cape may is given by qd = 1,600. How would your answers to part (a) and part (b) change? (d) now assume that cape may fishermen can, at some cost, choose to sell their catch elsewhere. Specifically, assume that the amount they will sell in. Qs = -1,000 + 2,000p for qs > 0. Where q is the quantity supplied in pounds and p is the price per pound. What is the lowest price at which flounder will be supplied to the cape may market? (e) given the demand curve for flounder, what will the equilibrium price be? (f) suppose now demand shifts to. In the very short run, each of the firms has a fixed supply of 100 units.