Assume a demand equation Q -0.1p -P 001p, 0.0001Y and a supply equation Q,0.1p - 0.02p,• 0.01N + 0.01T - 0.tw where Pprice of the good Pprice price Yconsumer income $20.000 Qquantity in thousands of units A price of an input$450 N number of fms 700 T-ndex of technology 300 wwwage rate$10 complement $3 substitute $200 If the price is $45, there will be an thousand units

Assume a demand equation Q -0.1p -P 001p, 0.0001Y and a supply equation Q,0.1p - 0.02p,• 0.01N + 0.01T - 0.tw where Pprice of the good Pprice price Yconsumer income $20.000 Qquantity in thousands of units A price of an input$450 N number of fms 700 T-ndex of technology 300 wwwage rate$10 complement $3 substitute $200 If the price is $45, there will be an thousand units

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter3: Demand And Supply

Section: Chapter Questions

Problem 45CTQ: Suppose both of these events took place at the same time. Combine your analyses of the impacts of...

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