The demand function for pork is: Q-400-100P+0.02INCOME, where a is the tons of pork demanded in your city per week, P is the price of a pound of pork, and INCOME is the average househa income in the city. The supply function for pork is: Q=250-150P-20COST, where Q' is the tons of pork supplied in your city per week, P is the price of a pound of pork, and COST is the cost of pig food. Suppose INCOME is $50,000 and COST is $4. In this case, the equilibrium price of pork would be $ and the equilibrium quantity of pork would be tons. (Round your answer for the price to two decimal places) Suppose INCOME falls to $40,000 and COST does not change. The new equilibrium price of pork would be $, and the new equilibrium quantity of pork would be tons. (Round your answer for the price to two decimal places.) Suppose INCOME is $50,000 and COST rises to $10. The new equilibrium price of pork would be $, and the new equilibrium quantity of pork would be tons. (Round your answer for the price to two decimal places) Suppose INCOME falls to $40,000 and COST rises to $10. The new equilibrium price of pork would be $, and the new equilibrium quantity of pork would be (Dut anar for the nine in han darimal nares

The demand function for pork is: Q-400-100P+0.02INCOME, where a is the tons of pork demanded in your city per week, P is the price of a pound of pork, and INCOME is the average househa income in the city. The supply function for pork is: Q=250-150P-20COST, where Q' is the tons of pork supplied in your city per week, P is the price of a pound of pork, and COST is the cost of pig food. Suppose INCOME is $50,000 and COST is $4. In this case, the equilibrium price of pork would be $ and the equilibrium quantity of pork would be tons. (Round your answer for the price to two decimal places) Suppose INCOME falls to $40,000 and COST does not change. The new equilibrium price of pork would be $, and the new equilibrium quantity of pork would be tons. (Round your answer for the price to two decimal places.) Suppose INCOME is $50,000 and COST rises to $10. The new equilibrium price of pork would be $, and the new equilibrium quantity of pork would be tons. (Round your answer for the price to two decimal places) Suppose INCOME falls to $40,000 and COST rises to $10. The new equilibrium price of pork would be $, and the new equilibrium quantity of pork would be (Dut anar for the nine in han darimal nares

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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