ssume a demand equation: Q, = 9 - 0.1p - Pc + 0.01ps + 0.0001Y and a supply equation: Q = 0.1p - 0.02p; + 0.01N + 0.01T - 0.1w where p = price of the good Pc = price of a complement = $3 Q = quantity in thousands of units P = price of an input = $450 P= price of a substitute = $200 N= number of firms = 700 T= index of technology = 300 W = wage rate $10 Y = consumer income = $20,000 If the price is $55, there will be an V of thousand units.
ssume a demand equation: Q, = 9 - 0.1p - Pc + 0.01ps + 0.0001Y and a supply equation: Q = 0.1p - 0.02p; + 0.01N + 0.01T - 0.1w where p = price of the good Pc = price of a complement = $3 Q = quantity in thousands of units P = price of an input = $450 P= price of a substitute = $200 N= number of firms = 700 T= index of technology = 300 W = wage rate $10 Y = consumer income = $20,000 If the price is $55, there will be an V of thousand units.
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter6: Consumer Choices
Section: Chapter Questions
Problem 17P: If a 10 decrease in the price of one product that you buy causes an 8 increase in quantity demanded...
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Question
![ssume a demand equation:
Q, = 9 - 0.1p - Pc + 0.01ps + 0.0001Y
and a supply equation:
Q = 0.1p - 0.02p; + 0.01N + 0.01T - 0.1w
where
p = price of the good
P. = price of a complement = $3
Q = quantity in thousands of units
P = price of an input = $450
P= price of a substitute = $200
N= number of firms = 700
Y = consumer income = $20,000
T = index of technology = 300
w = wage rate = $10
If the price is $55, there will be an
V of
thousand units.
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Transcribed Image Text:ssume a demand equation:
Q, = 9 - 0.1p - Pc + 0.01ps + 0.0001Y
and a supply equation:
Q = 0.1p - 0.02p; + 0.01N + 0.01T - 0.1w
where
p = price of the good
P. = price of a complement = $3
Q = quantity in thousands of units
P = price of an input = $450
P= price of a substitute = $200
N= number of firms = 700
Y = consumer income = $20,000
T = index of technology = 300
w = wage rate = $10
If the price is $55, there will be an
V of
thousand units.
O tv
30
MacBook Air
DII
80
F10
F11
FB
F9
esc
FS
F6
F7
F2
F3
F4
F1
$
%
&
4
6.
8
9
1
P
Q
W
R
Y
ンビ
つ
く O
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