Given the following supply and demand functions: Qdx = 1,600 - 6 Px +0.5 Py-0.5 Pz+0.005 1 Qsx = 550 + 14 PX-6 W-0.5 R Income (1) = 4,200 Price of Y (Py) = 130 Price of Z (PZ) = 60 Wages (W) = 16 Rent (R) = 130 1. What is the equilibrium price? Number 2. What is the equilibrium quantity? Number In reduced form the demand is Qdx = Do - b (Px) 3. What is the horizontal intercept value, "Do'? Number 4: What is the value of 'b'? (use a negative sign in your answer) Number In reduced form the supply is Qsx = f(Px); Qsx = So + g (Px) Part 5: What is the horizontal intercept, 'So'? Number Part 6: What is the value of 'g'? Number

Given the following supply and demand functions: Qdx = 1,600 - 6 Px +0.5 Py-0.5 Pz+0.005 1 Qsx = 550 + 14 PX-6 W-0.5 R Income (1) = 4,200 Price of Y (Py) = 130 Price of Z (PZ) = 60 Wages (W) = 16 Rent (R) = 130 1. What is the equilibrium price? Number 2. What is the equilibrium quantity? Number In reduced form the demand is Qdx = Do - b (Px) 3. What is the horizontal intercept value, "Do'? Number 4: What is the value of 'b'? (use a negative sign in your answer) Number In reduced form the supply is Qsx = f(Px); Qsx = So + g (Px) Part 5: What is the horizontal intercept, 'So'? Number Part 6: What is the value of 'g'? Number

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Given the following supply and demand functions:
Qdx = 1,600 - 6 Px + 0.5 Py-0.5 Pz+ 0.005 1
Qsx = 550 + 14 PX-6 W -0.5 R
Income (1) = 4,200
Price of Y (Py) = 130
Price of Z (PZ) = 60
Wages (W) = 16
Rent (R) = 130
1. What is the equilibrium price? Number
2. What is the equilibrium quantity? Number
In reduced form the demand is Qdx = Do - b (Px)
3. What is the horizontal intercept value, 'Do'? Number
4: What is the value of 'b'? (use a negative sign in your answer) Number
In reduced form the supply is Qsx = f(Px); Qsx = So + g (Px)
Part 5: What is the horizontal intercept, 'So'? Number
Part 6: What is the value of 'g'? Number

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