PRINCIPLES OF MACROECONOMICS(LOOSELEAF)
PRINCIPLES OF MACROECONOMICS(LOOSELEAF)
7th Edition
ISBN: 9781260110920
Author: Frank
Publisher: MCG
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Chapter 3, Problem 5P
To determine

Relation between increasing birth rate and price of land.

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Suppose you are the manager of a California winery. How would you expect the following events to affect the price you receive for a bottle of wine? The price of comparable French wines decreases. One hundred new wineries open in California. The unemployment rate in the United States decreases. The price of cheese increases. The price of a glass bottle increases significantly due to new government antishatter regulations. Researchers discover a new wine-making technology that reduces production costs. The price of wine vinegar, which is made from the leftover grape mash, increases. The average age of consumers increases, and older people drink less wine.
If the demand function for a commodity is given by the equation  p2 + 4q = 1200  and the supply function is given by the equation  700 − p2 + 10q = 0,  find the equilibrium quantity and equilibrium price. (Round your answers to two decimal places.)
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