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This is the market for steer. Steer are processed into 1 hide and 1 beef. Initial Demand for hides: Q = 70 -P Initial Demand for beef: Q = 100-0.5P Market supply for steer: Q = -35 + 0.5P New Scenario: The demand for beef rises. People are now willing to pay 80% more than what they used to pay for beef. Hints: you must correctly calculate the new equation for hides to get this question correct. If you feel stuck, try some prices with the original demand for beef and your new demand for beef. Are people willing to pay 1.8 tim as much for each quantity of beef? If so, you have correctly calculated your new Deef Curve. • For example, with the initial demand, people are willing to pay $160 for 20 beef and $100 for 50 beef. the new scenario, the new demand curve needs to show that people are now willing to pay $288 for 20 beef and $180 for 50 beef. a) Calculate new market Q and P for steer b) Calculate new market Q and P for hides c) Calculate new market O and P for beef

This is the market for steer. Steer are processed into 1 hide and 1 beef. Initial Demand for hides: Q = 70 -P Initial Demand for beef: Q = 100-0.5P Market supply for steer: Q = -35 + 0.5P New Scenario: The demand for beef rises. People are now willing to pay 80% more than what they used to pay for beef. Hints: you must correctly calculate the new equation for hides to get this question correct. If you feel stuck, try some prices with the original demand for beef and your new demand for beef. Are people willing to pay 1.8 tim as much for each quantity of beef? If so, you have correctly calculated your new Deef Curve. • For example, with the initial demand, people are willing to pay $160 for 20 beef and $100 for 50 beef. the new scenario, the new demand curve needs to show that people are now willing to pay $288 for 20 beef and $180 for 50 beef. a) Calculate new market Q and P for steer b) Calculate new market Q and P for hides c) Calculate new market O and P for beef

Exploring Economics
Exploring Economics
8th Edition
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:Robert L. Sexton
Chapter4: Demand, Supply, And Market Equilibrium
Section: Chapter Questions
Problem 25P
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This is the market for steer. Steer are processed into 1 hide and 1 beef. Initial Demand for hides: Q = 70 -P Initial Demand for beef: Q = 100- 0.5P Market supply for steer: Q =-35 + 0.5P New Scenario: The demand for beef rises. People are now willing to pay 80% more than what they used to pay for beef. Hints: you must correctly calculate the new equation for hides to get this question correct. If you feel stuck, try some prices with the original demand for beef and your new demand for beef. Are people willing to pay 1.8 tim as much for each quantity of beef? If so, you have correctly calculated your new Deef Curve. • For example, with the initial demand, people are willing to pay $160 for 20 beef and $100 for 50 beef. the new scenario, the new demand curve needs to show that people are now willing to pay $288 for 20 beef and $180 for 50 beef. a) Calculate new market Q and P for steer b) Calculate new market Q and P for hides c) Calculate new market O and P for beef
Transcribed Image Text:This is the market for steer. Steer are processed into 1 hide and 1 beef. Initial Demand for hides: Q = 70 -P Initial Demand for beef: Q = 100- 0.5P Market supply for steer: Q =-35 + 0.5P New Scenario: The demand for beef rises. People are now willing to pay 80% more than what they used to pay for beef. Hints: you must correctly calculate the new equation for hides to get this question correct. If you feel stuck, try some prices with the original demand for beef and your new demand for beef. Are people willing to pay 1.8 tim as much for each quantity of beef? If so, you have correctly calculated your new Deef Curve. • For example, with the initial demand, people are willing to pay $160 for 20 beef and $100 for 50 beef. the new scenario, the new demand curve needs to show that people are now willing to pay $288 for 20 beef and $180 for 50 beef. a) Calculate new market Q and P for steer b) Calculate new market Q and P for hides c) Calculate new market O and P for beef
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