1. If demand curve for camping tents is D = 100000 - 17P and supply curve is S = 50000 + 8P, find the equilibrium Price?





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MCQ->If demand curve for camping tents is D = 100000 - 17P and supply curve is S = 50000 + 8P, find the equilibrium Price?....
MCQ-> Read the passage given below and answer the following questionsFirms are said to be in perfect competition when the following conditions occur: (1) many firms produce identical products; (2) many buyers are available to buy the product, and many sellers are available to sell the product; (3) sellers and buyers have all relevant information to make rational decisions about the product being bought and sold; and (4) firms can enter and leave the market without any restrictions—in other words, there is free entry and exit into and out of the market.A perfectly competitive firm is known as a price taker, because the pressure of competing firms forces them to accept the prevailing equilibrium price in the market. If a firm in a perfectly competitive market raises the price of its product by so much as a penny, it will lose all of its sales to competitors. When a wheat grower, wants to know what the going price of wheat is, he or she has to go to the computer or listen to the radio to check. The market price is determined solely by supply and demand in the entire market and not the individual farmer. Also, a perfectly competitive firm must be a very small player in the overall market, so that it can increase or decrease output without noticeably affecting the overall quantity supplied and price in the market.A perfectly competitive market is a hypothetical extreme; however, producers in a number of industries do face many competitor firms selling highly similar goods, in which case they must often act as price takers. Agricultural markets are often used as an example. The same crops grown by different farmers are largely interchangeable. According to the United States Department of Agriculture monthly reports, in 2015, U.S. corn farmers received an average price of $6.00 per bushel and wheat farmers received an average price of $6.00 per bushel. A corn farmer who attempted to sell at $7.00 per bushel, or a wheat grower who attempted to sell for $8.00 per bushel, would not have found any buyers. A perfectly competitive firm will not sell below the equilibrium price either. Why should they when they can sell all they want at the higher price?Source: Principles of Economics, Download for free at http://cnx.org/content/col11613/latest.According to the passage, why is a perfectly competitive firm a price taker?
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MCQ-> Four players- Ajay, Babu, Chandu and Devi- are camping at four separate campsites-E, F, G and H not necessarily in that order. The campsites are located on four separate Lakes- I, J, K and L not necessarily in that order - which are in four separate state Madhya Pradesh, Nagaland, Orissa and Punjab not necessarily in that order. a: Babu is camping on lake K. b: H’s campsite is on lake J, which is in Nagaland c: The player in lake I, a native of Punjab camps only in that state d: Devi is at campsite F e: Ajay is camping in OrissaWhere must Babu be camping ?
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MCQ->The question below consists of a set of labelled sentences. Out of the four options given, select the most logical order of the sentences to form a coherent paragraph. P- The magnitude of the interdependence depends on the technique of production causing the shifts in the food supply curve. Q- Interdependence of food and labour market is important for the development process. R- Similarly, an upward shift in the food supply curve shifts up the food demand curve. S- An upward shift in the food supply curve would simultaneously result in an upward shift in the labour demand curve.....
MCQ-> In each of the question below are given three statements followed by three conclusions numbered I, II III You have to take the given statements to be true even if they seem to be at variance from commonly known facts Read all the conclusions and then decide which of the given conclusions logically follows from three given statements disregarding commonly known facts.Statements:All telephones are wires. All wires are tents. All tents are cans. Conclusions:I.Some cans are wires II.Some tents are telephones. III.Some cans are telephones.....
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