6. Raleigh and Austin are a young couple, and the only people in their family. Raleigh's monthlydemand for pints of ice cream is given by QD=20 - P and Austin's monthly demand for pints of icecream is given by QD=10-2 P.a. Graph their family demand curve for ice cream.b. Calculate how many pints of ice cream their family buys when P = 10 and when P=4.I 7. In the market for running shoes, Demand is given by QD = 100-10P, and Supply is given by Qs =10P.a. Solve for P and Q" then show this on a Supply and Demand graph (this does not have to bedrawn to scale, but make sure you label all axes, curves, P* and Q").b. Show how the following events affect the supply curve, the demand curve, P" and Q", alsoexplain why (is the event a determinant of supply? Demand? Which determinant?).i. The price of rubber (used to make the soles of running shoes) increases.ii. The price of running shoes increases.Iiii. The price of walking shoes, a substitute in both production and consumption,increases.8. The local Chapel Hill government is very concerned with underage drinking and has decided to studythis market. The demand for six-packs of beer in Chapel Hill is given by Q = 100-10P and thesupply of six-packs of beer is given by Qs = 10P.a. Sketch a supply and demand diagram of the market for six-packs of beer in Chapel Hill. Be

Raleigh and Austin are a young couple, and the only people in their family. Raleigh's monthly demand for pints of ice cream is given by QD=20-P and Austin's monthly demand for pints of ice cream is given by QD=10-2 P. a. Graph their family demand curve for ice cream. b. Calculate how many pints of ice cream their family buys when P = 10 and when P=4.

Raleigh and Austin are a young couple, and the only people in their family. Raleigh's monthly demand for pints of ice cream is given by QD=20-P and Austin's monthly demand for pints of ice cream is given by QD=10-2 P. a. Graph their family demand curve for ice cream. b. Calculate how many pints of ice cream their family buys when P = 10 and when P=4.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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