Q3 Suppose that an estimated monthly demand and supply functions forapples in the U.S. are given by:Qd = 200 - 40 p + 20 pq + 0.015YQs = 85 + 35 p - 20 p fwhereQd is the quantity of apples demanded in tons per month;p is the price of apples in US dollars per kilogram;pq is the price of quince (a substitute good) in dollars per kilogram;Y is the income of consumers per month in thousand dollar;Qs is the quantity of apples supplied in tons per year;p f is the price of fertilizer ( an input) in dollars.And supposeQs is the quantity of apples supplied in tons per year;p f is the price of fertilizer ( an input) in dollars.And suppose further thatpq is $2 per kilogram;Y is 4000 per month;p f is $0 .50 per kilogram.Answer the following questions.

Q3 Suppose that an estimated monthly demand and supply functions forapples in the U.S. are given by:Qd = 200 - 40 p + 20 pq + 0.015YQs = 85 + 35 p - 20 p fwhereQd is the quantity of apples demanded in tons per month;p is the price of apples in US dollars per kilogram;pq is the price of quince (a substitute good) in dollars per kilogram;Y is the income of consumers per month in thousand dollar;Qs is the quantity of apples supplied in tons per year;p f is the price of fertilizer ( an input) in dollars.And supposeQs is the quantity of apples supplied in tons per year;p f is the price of fertilizer ( an input) in dollars.And suppose further thatpq is $2 per kilogram;Y is 4000 per month;p f is $0 .50 per kilogram.Answer the following questions.

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter19: Elasticity

Section: Chapter Questions

Problem 11QP

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