ECN 1A Study Guide - Midterm Guide: Scantron Corporation, European Route E6, Perfect Competition
Document Summary
No calculators, cell phones, or other electronic aids allowed. Please check your ta and the section number you were assigned to: Write on the scantron your name (last name first), student id number, and section number. Suppose that the market for water is perfectly competitive. 12: suppose instead a tax of is imposed. Demand is described by q = 13-p, and supply by p = 1 + (q/2). The road bridge from outland to euphoria has a capacity of 20,000 cars per hour. At peak periods demand (in 000) is 110-5p, where p is the toll, always . At off peak periods demand (in 000) is. The american economy will only remain internationally competitive if it is efficient. Efficiency measures count the desires of the rich much more than those of the poor, and it is the rich who have made america what it is.
