Qdx = 3.7 – 0.74Px + 0.0009/ + 0.28P, Eq. 1 %3D Qsx = -119.33 + 69.38Px – 13.88C Eq. 2 where Px - price of product X; I – weekly income; Py - price of product Y; and C – cost of production. Use the following additional information: the weekly income is P4,485; the price of a related product, Y, is P37.45; the cost of production is P19.50; there are 500 buyers and 16 sellers in the market for product X.
Qdx = 3.7 – 0.74Px + 0.0009/ + 0.28P, Eq. 1 %3D Qsx = -119.33 + 69.38Px – 13.88C Eq. 2 where Px - price of product X; I – weekly income; Py - price of product Y; and C – cost of production. Use the following additional information: the weekly income is P4,485; the price of a related product, Y, is P37.45; the cost of production is P19.50; there are 500 buyers and 16 sellers in the market for product X.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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