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Given a demand function of P = 116-7Qd and supply of P = 38 +6Qs, the utility function U = Qx0.3Qy(1-0.3) and the consumer budget 161 = 7Qx+4Qy along with the firm production function Q=K0.310.54 with the is 26722K+9L. The economic growth factor is 1.3. What is the equilibrium price (Pe), AFTER input costs have shifted supply by 3 dollar? Please enter your response as a positive number with 1 decimal and 5/4 rounding (e.g. 1.15 1.2, 1.14 = 1.1).

Given a demand function of P = 116-7Qd and supply of P = 38 +6Qs, the utility function U = Qx0.3Qy(1-0.3) and the consumer budget 161 = 7Qx+4Qy along with the firm production function Q=K0.310.54 with the is 26722K+9L. The economic growth factor is 1.3. What is the equilibrium price (Pe), AFTER input costs have shifted supply by 3 dollar? Please enter your response as a positive number with 1 decimal and 5/4 rounding (e.g. 1.15 1.2, 1.14 = 1.1).

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Given a demand function of P = 116 - 7Qd and supply of P = 38 + 6Qs, the utility function U = Qx0.3Qy(1-0.3) and the consumer budget 161 = 7Qx + 4Qy along with the firm production function Q=K0.3 0.54 with the is 267 = 22K+9L. The economic growth factor is 1.3. What is the equilibrium price (Pe), AFTER input costs have shifted supply by 3 dollar? Please enter your response as a positive number with 1 decimal and 5/4 rounding (e.g. 1.15 = 1.2, 1.14 = 1.1).
Transcribed Image Text:Given a demand function of P = 116 - 7Qd and supply of P = 38 + 6Qs, the utility function U = Qx0.3Qy(1-0.3) and the consumer budget 161 = 7Qx + 4Qy along with the firm production function Q=K0.3 0.54 with the is 267 = 22K+9L. The economic growth factor is 1.3. What is the equilibrium price (Pe), AFTER input costs have shifted supply by 3 dollar? Please enter your response as a positive number with 1 decimal and 5/4 rounding (e.g. 1.15 = 1.2, 1.14 = 1.1).
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It says 6Qs NOT 60s, can you please redo?

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