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sume a demand equation: Qd = 9 - 0.1p – Pc + 0.01ps + 0.0001Y %3D nd a supply equation: Qs = 0.1p - 0.02p; + 0.01N + 0.01T - 0.1w %3D where p = price of the good Pc = price of a complement = $3 Q = quantity in thousands of units Pi = price of an input = $450 N = number of firms = 700 %3D %3! P= price of a substitute = $200 Y = consumer income = $20,000 T= index of technology = 300 w = wage rate = $10 %3! %3D If the price is $55, there will be an of thousand units. excess supply excess demand

sume a demand equation: Qd = 9 - 0.1p – Pc + 0.01ps + 0.0001Y %3D nd a supply equation: Qs = 0.1p - 0.02p; + 0.01N + 0.01T - 0.1w %3D where p = price of the good Pc = price of a complement = $3 Q = quantity in thousands of units Pi = price of an input = $450 N = number of firms = 700 %3D %3! P= price of a substitute = $200 Y = consumer income = $20,000 T= index of technology = 300 w = wage rate = $10 %3! %3D If the price is $55, there will be an of thousand units. excess supply excess demand

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Assume a demand equation: Qd = 9 - 0.1p - P. + 0.01p + 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 Y = consumer income = $20,000 T = index of technology = 300 w = wage rate = $10 If the price is $55, there will be an of thousand units. excess supply excess demand étv 2 MacBook Air 今 DII DD 80 F10 F11 F8 F9 F6 F7 F4 F5 F2 F3
Transcribed Image Text:Assume a demand equation: Qd = 9 - 0.1p - P. + 0.01p + 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 Y = consumer income = $20,000 T = index of technology = 300 w = wage rate = $10 If the price is $55, there will be an of thousand units. excess supply excess demand étv 2 MacBook Air 今 DII DD 80 F10 F11 F8 F9 F6 F7 F4 F5 F2 F3
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