Assume a demand equation Q,0-0.1p - P. 0.01p, + 0.0001Y and a supply equation: 9,0.1p - 0.02p, 0.01N + 0.01T 0.1w where p price of the good Pe"price of a complement $3 Qquantity in thousands of units P price of an input $450 Pprice of a substite $200 Nnumber of firms 700 Y- consumer income $20,000 Tindex of technology 300 Wwwage rate $10 If the price is $45, there will be an thousand units.

Assume a demand equation Q,0-0.1p - P. 0.01p, + 0.0001Y and a supply equation: 9,0.1p - 0.02p, 0.01N + 0.01T 0.1w where p price of the good Pe"price of a complement $3 Qquantity in thousands of units P price of an input $450 Pprice of a substite $200 Nnumber of firms 700 Y- consumer income $20,000 Tindex of technology 300 Wwwage rate $10 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

Chapter5: Elasticity

Section: Chapter Questions

Problem 35P: The equation for a supply curve is 4P=Q. What is the elasticity of supply as price rises from 3 to...

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