Suppose there are only two goods - Food (F) and Shelter (S). The demand equations for these two goods depend on their prices, pf and ps as follows: DE(Pf.Ps) = 14 - 2,4pf - 1,3ps Ds(Pf.Ps) = 16 - 2,0pF - 3,7ps The supply curves depend only on their own prices: S(pf) = PF S(ps) = 8,0ps Determine the equilibrium price of shelter. Votre réponse: Réponse

Suppose there are only two goods - Food (F) and Shelter (S). The demand equations for these two goods depend on their prices, pf and ps as follows: DE(Pf.Ps) = 14 - 2,4pf - 1,3ps Ds(Pf.Ps) = 16 - 2,0pF - 3,7ps The supply curves depend only on their own prices: S(pf) = PF S(ps) = 8,0ps Determine the equilibrium price of shelter. Votre réponse: Réponse

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Find the market equilibrium point for the following demand and supply functions. Demand: 2p= -q+45 Supply: 3p-q=20
The quantity of a product demanded by consumers is a function of its price. The quantity of one product demanded may also depend on the price of other products. For example, if the only chocolate shop in town (a monopoly) sells milk and dark chocolates, the price it sets for each affects the demand of the other. The quantities demanded, q, and q2, of two products depend on their prices, p, and P2, k as follows: Enter the exact answers. If one manufacturer sells both products, how should the prices be set to generate the maximum possible revenue? What is that maximum possible revenue? P₁ = P2 = H. 9₁ = 9₂ = The maximum revenue is i 280 - 5p₁-3p2 360 - 3p₁ - 5p2.
Using the supply and demand functions below, derive the demand and supply curves if Y=$55,000 and pc=$9. What is the equilibrium price and quantity of coffee? Part 2 The demand function for coffee is Q=8.5−p+0.01Y, where Q is the quantity of coffee in millions of pounds per year, p is the price of coffee in dollars per pound, and Y is the average annual household income in high-income countries in thousands of dollars. The coffee supply function is Q=9.6+0.5p−0.2pc, where pc is the price of cocoa in dollars per pound.
Suppose that the market supply of baseball caps in the local area is given by the following equation: Qs = 362 + 3P where Qs is the quantity baseball caps per month that sellers in the local area would be willing to provide at a price of P dollars. What is the quantity supplied at a price of 14 dollars?
By providing an example, explain three factors that might shift the demand curve for a product inward (to left).
Suppose good X is initially at equilibrium with price p1 and quantity q1. Now imagine the following events took place: price of good Y (which is a complement) goes up by 20%, government introduces a tax of 5%, future price of good X is 10% higher (affecting demand only), and cost of producing X has fallen 10%. USING ONE SINGLE DIAGRAM, analyze how this chain of events will affect the equilibrium price and quantity.
When an economist states the supply of a product has decreased, he or she has concluded that a) A smaller quantity will be produced at every price b) The price is too high for equilibrium c)a greater quanity will produced at every price d) the price is too low equilibrium. e) demand was too high for producers to make a profit.
Suppose the demand function for avocados is Q=104-40p + 20p₁ +0.01Y, where p is the price of avocados, p, is the price of tomatoes, and Y is average income, and the supply function for avocados is where p, is the price of fertilizer. Suppose p = $0.80, Y = $4,000, and p = $0.40. What is the equilibrium price and quantity of avocados? The equilibrium price of avocados is and the equilibrium quantity is Q=58+15p -20pf, and the equilibrium quantity is p=$2 Q = 80 units. (Enter your responses rounded to two decimal places.) Suppose the government charges a $2.20 specific tax per avocado to be paid by consumers. With the tax, the equilibrium price of avocados is p=$ Q= units.
The demand for coffee is given by the following equation, where QD�� stands for the quantity demanded and P stands for price. QD=100−4PQD⁢= 100⁢- 4P The supply of coffee is given by the following equation, where QS�� stands for the quantity supplied and P stands for price. QS=-10+2PQS⁢= -10⁢+ 2P For parts a-d, consider a graph of the demand and supply curves with price on the vertical axis and quantity on the horizontal axis. What is the slope of demand? Slope = At what price is quantity demanded equal to zero (this is, graphically, the vertical intercept of Demand)? P = What is the slope of supply? Slope = At what price is quantity supplied equal to zero (this is, graphically, the vertical intercept of Supply)? P =
Price of Good X (dollars) E A Quantity of Good X S₂ D3 S₁ D₂
Determine the equilibrium price and equilibrium quantity