Q2: suppose the demand and supply equation for eggs in market is: Qd- 100-2p; Qs- 10+40p i. Complete the given table ii. Graphically show the equilibrium ii. Find PED: for 0.5 to 1.5 and 2.5 to 1.0 iv. What happened to the eggs market if Government increases tax on poultry farm business and on the other hand consumer decreases the consumption of eggs because of reeducation in their income level (show and explain graphically) Price |0.5 Qd Qs 1.0 | 15 2.0 | 2.5

Q2: suppose the demand and supply equation for eggs in market is: Qd- 100-2p; Qs- 10+40p i. Complete the given table ii. Graphically show the equilibrium ii. Find PED: for 0.5 to 1.5 and 2.5 to 1.0 iv. What happened to the eggs market if Government increases tax on poultry farm business and on the other hand consumer decreases the consumption of eggs because of reeducation in their income level (show and explain graphically) Price |0.5 Qd Qs 1.0 | 15 2.0 | 2.5

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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