ssume a demand equation:Q, = 9 - 0.1p - Pc + 0.01ps + 0.0001Yand a supply equation:Q = 0.1p - 0.02p; + 0.01N + 0.01T - 0.1wwherep = price of the goodP. = price of a complement = $3Q = quantity in thousands of unitsP = price of an input = $450P= price of a substitute = $200N= number of firms = 700Y = consumer income = $20,000T = index of technology = 300w = wage rate = $10If the price is $55, there will be anV ofthousand units.O tv30MacBook AirDII80F10F11FBF9escFSF6F7F2F3F4F1$%&46.891PQWRYンビつく O

If the price is $55, there will be an excess supply of 1 thousand units.

Answered: ssume a demand equation: Q, = 9 - 0.1p…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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