Q-300-100P+0.05INCOME, where Q is the tons of pork demanded in your city per week, P is the price of a pound of pork, and INCOME is the average household income in the city. The supply function for pork is: Q=250+150P-20COST, where Q' is the tons of pork supplied in your city per week, P is the price of a pound of pork, and COST is the cost of pig food. Suppose INCOME is $50,000 and COST is $5. In this case, the equilibrium price of pork would be $35) and the equilibrium quantity of pork would be [2000 tons. (Round your answer for the price to two decimal places.) Suppose INCOME falls to $40,000 and COST does not change. The new equilibrium price of pork would be $. and the new equilibrium quantity of pork would be tons. (Round your answer for the price to two decimal places.) Suppose INCOME is $50,000 and COST rises to $8. The new equilibrium price of pork would be $, and the new equilibrium quantity of pork would be tons. Round your answer for the price to two decimal places.) Suppose INCOME falls to $40,000 and COST rises to $8. The new equilibrium price of pork would be $], and the new equilibrium quantity of pork would be tons. Round your answer for the price to two decimal places.)

Q-300-100P+0.05INCOME, where Q is the tons of pork demanded in your city per week, P is the price of a pound of pork, and INCOME is the average household income in the city. The supply function for pork is: Q=250+150P-20COST, where Q' is the tons of pork supplied in your city per week, P is the price of a pound of pork, and COST is the cost of pig food. Suppose INCOME is $50,000 and COST is $5. In this case, the equilibrium price of pork would be $35) and the equilibrium quantity of pork would be [2000 tons. (Round your answer for the price to two decimal places.) Suppose INCOME falls to $40,000 and COST does not change. The new equilibrium price of pork would be $. and the new equilibrium quantity of pork would be tons. (Round your answer for the price to two decimal places.) Suppose INCOME is $50,000 and COST rises to $8. The new equilibrium price of pork would be $, and the new equilibrium quantity of pork would be tons. Round your answer for the price to two decimal places.) Suppose INCOME falls to $40,000 and COST rises to $8. The new equilibrium price of pork would be $], and the new equilibrium quantity of pork would be tons. Round your answer for the price to two decimal places.)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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