ssume a demand equation: Q, = 9 - 0.1p - Pc + 0.01ps + 0.0001Y and a supply equation: Q = 0.1p - 0.02p; + 0.01N + 0.01T - 0.1w where p = price of the good Pc = price of a complement = $3 Q = quantity in thousands of units P = price of an input = $450 P= price of a substitute = $200 N= number of firms = 700 T= index of technology = 300 W = wage rate $10 Y = consumer income = $20,000 If the price is $55, there will be an V of thousand units.
ssume a demand equation: Q, = 9 - 0.1p - Pc + 0.01ps + 0.0001Y and a supply equation: Q = 0.1p - 0.02p; + 0.01N + 0.01T - 0.1w where p = price of the good Pc = price of a complement = $3 Q = quantity in thousands of units P = price of an input = $450 P= price of a substitute = $200 N= number of firms = 700 T= index of technology = 300 W = wage rate $10 Y = consumer income = $20,000 If the price is $55, there will be an V of 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 16RQ: What is the relationship between quantity Demanded and quantity supplied at equilibrium? What is the...
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