Consider the demand function for processed pork in Canada,Q = 590.00 – 36p + 20p, + 3p. + 0.002YThe supply function for processed pork in Canada is:Q = 442.00 + 52p – 60php is the price of porkPh is the price of beef = $4 per kgPc is the price of chicken = $3 per kgY is the income of consumers = $12,500Ph is the price of a hog = $1.50 per kgQ is the quantity of pork demanded(measured in millions of kg per year)Solve for the equilibrium price and quantity for pork.The equilibrium price of pork is $3.72 and the equilibrium quantity of pork is 545.23 million kg per year. (Enter numeric responses using real numbers rounded to two decimal places.)OCTétv2MacBook Air80DIIDDPSCF1F2F6F7F8F9F10F3F4@$&123456789多。

Answer: Given, Demand function: Qd=590-36p+20pb+3pc+0.002Y Supply function: QS=442+52p-60ph Where,…

Answered: Consider the demand function for…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Gasoline for cars is produced in a market. There are equations for the Supply and Inverse Demand of car gasoline that model its Supply and Demand graph. These equations are (for supply), P = 20 + Qs, and (for Inverse Demand), P = 80 - Qd. Due to gasoline shortages, some sellers may be able to get access to more gasoline and produce it better than others. As a result, the federal government placed a quantity restriction of 15 units on the sellers. (Part I) Draw the market equilibrium with the government intervention (Q** and P**) of the quantity restriction. Please label the graph for slopes, the equilibrium point, etc. (Part II) What is the market equilibrium without the intervention of the government? (Part III) The government decided that the previous quantity restriction was not sufficient. So, it increased the restriction from 15 units to 20 units. Consequently, what is the new market equilibrium point with this new intervention? It is not necessary to label this point on the…
Suppose that the market supply of baseball caps in the local area is given by the following equation: Qs = 362 + 3P where Qs is the quantity baseball caps per month that sellers in the local area would be willing to provide at a price of P dollars. What is the quantity supplied at a price of 14 dollars?
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Consider two markets: the market for cat food and the market for dog food. The initial equilibrium for both markets is the same, the equilibrium price is $4.50, and the equilibrium quantity is 31.0. When the price is $8.75, the quantity supplied of cat food is 75.0 and the quantity supplied of dog food is 105.0. For simplicity of analysis, the demand for both goods is the same. Using the midpoint formula, calculate the elasticity of supply for dog food. Please round to two decimal places.
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In a particular market, demand and supply curves are defined by the following equations: P=50 – 0.5QD QS= -20 + 2P where, P is the price in pounds, QS is the quantity supplied and QD is the quantity demanded. 1. What is the equilibrium price and quantity? 2. What is the price elasticity at a price of £35? 3. What do you expect will happen to total expenditure on this good if the price increases from £35 to £40? Is this expectation confirmed if you calculate the total revenue for each price?
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