Principles of Microeconomics Instructor: Sandhya Patlolla 1. The below table gives the demand and supply schedules for cat food. a) The equilibrium price will be _______________ b) The equilibrium quantity will be___________________ c) If the price is $3.00 per pound of cat food‚ will there be a shortage‚ a surplus? _________________ d) How much is the shortage or surplus equal to _____________________ e) Will the price stay at $3.00 for the long time? Why? f) If the price
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The Concept of Equilibrium and the Equilibrium Constant + What is equilibrium? A state of balance It can be static (like tug o war) It can be dynamic‚ like cars moving across a bridge‚ and like most of the reactions we will be studying + Chemical Equilibrium Occurs when opposing reactions are proceeding at equal rates Rate at which products form is equal to the rate at which reactants disappear Have the illusion that the reaction has stopped +At equilibrium‚ the concentrations
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07.04 Equilibrium: Lab Report Equilibrium Lab Report Before You Begin: You may either copy and paste this document into a word processing program of your choice or print this page. Data and Observations: Insert data tables for each part of the lab (Part I‚ Part II‚ and Part III). Part I Round Reactants Products 1 25 15 2 19 21 3 17 23 4 16 24 5 16 24 6 16 24 7 16 24 8 16 24 9 16 24 10 16 24 25+19+17+16(7)=173 15+21+23+24(7)=227 Product/Reactants==227/213=1
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bDATES PERFORMED: JANUARY 8‚ 2013 CHEMICAL EQUILIBRIUM D.M. TAN1 AND P.B. ALEGRO2 1DEPARTMENT OF MINING‚ METALLURGICAL‚ AND MATERIALS ENGINEERING‚ COLLEGE OF ENGINEERING 2 INSTITUTE OF CHEMISTRY‚ COLLEGE OF SCIENCE UNIVERSITY OF THE PHILIPPINES‚ DILIMAN QUEZON CITY‚ PHILIPPINES RECEIVED JANUARY 15‚ 2013 RESULTS AND DISCUSSION A. Iron- Silver Equilibrium The first part of the experimentation focuses in the iron-silver system. Silver nitrate (AgNO3) was added to ferrous
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Conceptual Model of Service Quality and Its Implications for Future Research The attainment of quality in products and services has become a pivotal concern of the 1980s. While quality in tangible goods has been described and measured by marketers‚ quality in services is largely undefined and unresearched. The authors attempt to rectify this situation by reporting the insights obtained in an extensive exploratory investigation of quality in four service businesses and by developing a model of service
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the availability of credit cards so that people need to hold less cash. If the central bank does not respond to this event‚ what will happen to the price level? Use a diagram to assist in answering this question. 2. Use the loanable funds model to explain what happens to interest rates and investment if a government moves from a balanced budget position to a budget surplus. 3. Suppose that the T-account for The Open Campus National Bank (OCNB) is as follows: Assets Reserves $100
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Macroeconomics 1102 Discussion Question 5 Part (a) Consumption function: is the relation of consumption with its determinants. Graphically drawn as:. Mathematically it is written as: C = C + c(Y – T) C: Consumption Spending C: Exogenous Consumption c : Marginal Propensity to Consume (0 < c < 1) Y: Aggregate Income T: Taxes Explaining the main components: Exogenous consumption: factors other than disposable income that affect consumption. So when consumers feel optimistic
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Long Run Equilibrium (A) Firm and Industry: A competitive market is made up of a large number of firms with complete freedom of entry. Such firms together are called competitive industry. An industry can be defined as a group of firms producing homogeneous products with freedom of entry and exit and which earn only normal profits. Hence the concept of an industry is applicable only under competitive conditions. There is no fixed size of an industry though the analytical stability of an industry
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ceiling create shortage. How to overcome it? According to the book “Economic Theory in the Malaysian Context”‚ the definition of price ceiling is a legally established maximum price a seller can charge. It means that the price is lower than the equilibrium market price and it cannot go above the ceiling price. The reason that government imposes ceiling price on item such as beef‚ flour‚ sugar and many more is because to ensure that consumers are able to buy these goods at a reasonable price thus prevent
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TITLE Vapour Liquid Equilibrium OBJECTIVE To find the Vapour-Liquid Equilibrium (VLE) relationship for binary mixture and to plot the equilibrium curve. INTRODUCTION The term equilibrium is referred to as when a system is in a static condition and there is absolutely no changes that occur as time goes by. Vapour-liquid equilibrium is a condition where a liquid and its vapor are in equilibrium with each other‚ a condition or state where the rate of evaporation is equal to the rate of condensation
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