followed by the reduction in the production of mangoes. Therefore‚ the supply of Alphonso mangoes would be decreased as a result of it. It is important to emphasis on the concept of market equilibrium. Market equilibrium is when the supply of an item is equal to its demand. Once the equilibrium price and equilibrium quantity achieved‚ there will be no excess
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incentives and motivators which can encourage unethical decisions that can mar a firm’s reputation. 3) Define the Nash equilibrium. Why is this concept applicable to many oligopoly industries? Nash equilibrium is a set of mixed strategies for limited and non-cooperative match between two or more firms in which no firm can improve its payoff by switching strategy. Nash equilibrium maintains focus on rivalries with mutual gain. Oligopolistic firms chooses prices and inputs to maximize profits‚ however
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keep it simple science Ryde Secondary College‚ SL#710371 INDUSTRIAL CHEMISTRY What is this topic about? To keep it as simple as possible‚ (K.I.S.S.) this topic involves the study of: 1. THE CHEMICAL INDUSTRY 2. CHEMICAL EQUILIBRIUM 3. PRODUCTION OF SULFURIC ACID 4. PRODUCTION OF SODIUM HYDROXIDE 5. SOAP & DETERGENTS 6. THE SOLVAY PROCESS FOR Na2CO3 ...all in the context of the applications of Chemistry in human society. 1. THE CHEMICAL INDUSTRY The “Invisible” Industry Most people are familiar
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Introduction The equilibrium constant for the solubility equilibrium between an ionic solid and its ions is called solubility constant [1] ‚ Ksp of the solute. For example‚ the solubility product is defined by MxAy(s) ⇋xM(aq)y++ yA(aq)x- (1) Where M is the metal cation‚ A is the anion‚ x and y are the corresponding charges of the ions. The equilibrium expression is Ksp=[MY+]x[AX-]Y (2) In the example‚ MxAy(s) does not appear in the equilibrium constant expression
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TOPIC - 2 DEMAND‚ SUPPLY AND MARKET EQUILIBRIUM The term ‘price’ has a great relevance in economics. In ordinary usage‚ price is the quantity of payment or compensation given by one party to another in return for goods and services. It is generally expressed in terms of units of some form of currency. But how does a product sell for a certain price‚ what constitutes the price of a product and how is the price determined is the bigger question. In economics‚ for a competitive market
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equilibria of the simultaneous game b. (5pnts) Now suppose the game is played sequentially. Find the subgame perfect equilibrium if player 1 goes first and if player 2 goes first. c. (5pnts) Discuss whether each of the players would want to go first or second. d. (5pnts) Write down a system of equations such that the solution to the system would give a completely mixed strategy equilibrium of this game (please clearly define all of your notation). Can this system of equations be solved? (Hint: think about
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intervene in the market system to fix prices above or below equilibrium if they believe that it is in the public interest to do so. Governments may intervene in the provision‚ regulation‚ maintenance and management of public goods to maximise the benefits to the community from their use‚ and to prevent over exploitation or congestion of the resource. A price ceiling is where a maximum price for a good or service is established below market equilibrium. It can make products more affordable for consumers
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ECON 6090‚ Fall 2012 - Final Exam 135 Minutes. FOUR SIDES TO EXAM SHEET If you believe a question is unclear‚ please state how you interpret the question and we will take this into account during grading. In proofs‚ please use formal mathematical language wherever possible. You must show all work for partial credit to be awarded. 1. (25 Points) For some fixed ε > 0‚ suppose the consumer’s choice rule is for some C(B) = (x1 ‚ x2 ‚ x3 ) : u(x1 ‚ x2 ‚ x3 ) + ε ≥ max (x1 ‚x2 ‚x3 )∈B u(x1 ‚ x2 ‚ x3
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What Factors Affect Chemical Equilibrium? Introduction: In investigation 14‚ “What Factors Affect Chemical Equilibrium?”‚ the purpose was to find out which reagents caused a change in the chemical equilibrium. A deep red color was formed when Iron Nitrate [Fe(NO3)3 (aq)] was mixed with water and Ammonium Thiocyanate [NH4NCS (aq)]. The product of these two reactants was Iron Thiocyanate(FeNCS). After different trials of mixing the given reagents
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when a price ceiling is established on a product in which the price is thought to be too high; however a more efficient means of solving this problem would be to increase production. An ineffective price ceiling is one that is set above the market equilibrium price. The product is already selling for much lower than the price ceiling‚ so unless the price greatly increases‚ the price ceiling serves no vital purpose. Price floors are a government
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