Suppose the observed annual quantity of steel exchanged in the European market is 30 million metric tons, and the observed market price is 90 euros per ton. If the linear demand function for steel takes the form Q = a - 0.9P, what is an appropriate value for the intercept coefficient a?
a = -111
a = 51
a = -51
a = 111
a = 111
You might also like to view...
Country A's overall balance in the balance of payments equals:
a. Current account minus the financial account. b. Reserves account minus the current account. c. Reserves account plus the capital account plus the current account. d. Current account plus capital account plus the financial account minus the reserves account. e. Reserves account plus the financial account.
An economy in which output has decreased and prices have increased would suggest that there has been a:
A. negative demand side shock. B. negative supply side shock. C. positive demand side shock. D. positive supply side shock.
As a result of the superb economics essay that you wrote during this quarter, you won the Adam Smith prize of $100. The receipt of these funds would be an example of
A. a pure substitution effect. B. the income effect being stronger than the substitution effect. C. a pure income effect. D. the substitution effect being stronger than the income effect.
The basic liberal solution to welfare dependency is __________.
Fill in the blank(s) with the appropriate word(s).