5. Question 1Figure 5-1M"MKCompositegoodFGHN"N'FoodBriefly explain in a short paragraph what you've observed is correct or incorrect inthis Figure 5-1. If you observed nothing is wrong with it, comment accordingly.Assume now the initial optimal point is Point C, where Point A or B is a result of eachpolicy proposal implemented.

Customer theory is the investigation of how individuals choose to spend their cash in view of their…

F GH J N N" N' Food riefly explain in a short paragraph what you've observed is correct or incorrect in nis Figure 5-1. If you observed nothing is wrong with it, comment accordingly. ssume now the initial optimal point is Point C, where Point A or B is a result of eacl olicy proposal implemented.

F GH J N N" N' Food riefly explain in a short paragraph what you've observed is correct or incorrect in nis Figure 5-1. If you observed nothing is wrong with it, comment accordingly. ssume now the initial optimal point is Point C, where Point A or B is a result of eacl olicy proposal implemented.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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OCHESTER 1. (12 points) Supply and Demand for Riesling The Finger Lakes region of New York State is known for its Rieslings. The demand function for bottles of wine from this region (in 100,000s) has two variables average annual income of purchasers. The functional form is: Qd=-2Pd-5+0.0011, where the price of wine and the Qd is quantity sold, Pd is the price of one bottle of wine, and I is equal to average income. Assume average annual income today is $30,000. A) (3 points) Calculate and plot the demand curve. B) (3 points) Calculate and plot the demand curve for I = $35,000 on the same graph as used in part a. == C) (6 points) Now assume a supply curve, Qs = 25P, - 175. Plot the supply curve on the same graph. Compute the equilibrium prices and quantities for the two demand curves.
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（D）Detailed calculation steps