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After years of  eating perpetually everlasting fastfood burgers, Canadians have switched to consuming Brain Masalas (brains mixed with spices)  Brain Masala   P = 80 – Q (Demand) P = 20 + 2Q (Supply)   Given the above demand and supply equations for Brain Masalas , find the equilibrium price and quantity.      /2 Please illustrate this on a graph

After years of  eating perpetually everlasting fastfood burgers, Canadians have switched to consuming Brain Masalas (brains mixed with spices)  Brain Masala   P = 80 – Q (Demand) P = 20 + 2Q (Supply)   Given the above demand and supply equations for Brain Masalas , find the equilibrium price and quantity.      /2 Please illustrate this on a graph

MACROECONOMICS
MACROECONOMICS
14th Edition
ISBN:9781337794985
Author:Baumol
Publisher:Baumol
Chapter4: Supply And Demand: An Initial Look
Section: Chapter Questions
Problem 2TY
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  1. After years of  eating perpetually everlasting fastfood burgers, Canadians have switched to consuming Brain Masalas (brains mixed with spices) 

Brain Masala   P = 80 – Q (Demand) P = 20 + 2Q (Supply) 

 Given the above demand and supply equations for Brain Masalas , find the equilibrium price and quantity.      /2

Please illustrate this on a graph                                                                                              /1

 

 

  1. Recent problems with Lysteria in dairy products has led Canadians to prefer cheese made out of Yak’s milk:   

Yak’s milk : P = 80 – Q (Demand)   P = 20 + 2Q (Supply) 

However, the government also wants to earn some revenue from Yak cheese. Hence, suppliers must pay a tax of $6 per unit. Given the above demand and supply equations for Yak’s milk, find the new equilibrium price-inclusive price and quantity. Please illustrate the original and the post tax effect on a graph   /3

 

  1. c) The supply function for a thermal underwear is Qs=-200 +150p. Find the minimum price (P-intercept) at which producers will begin to consider selling thermal underwear.         / 1
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