w12 Suppose that the worldwide demand for cranberries, Q, is a func-Question 12tion of the price of cranberries, Pe, and the price of apples, Pa-Q = 1600 – 12p. + 4pa,and the worldwide supply of cranberries isQ = 200 + 4p. – 20 - temp,where temp is the average annual temperature of the cranberry growing regions of the world.(a).not possible to tell?Are apples and cranberries demand substitutes, demand complements or is it(b).= 30. What is the equilibrium price and quantity of cranberries?tempSuppose that the price of apples is pa = 200 and the average temperature is Question 12, continued:(c).point in (b)? Is demand elastic or inelastic?What is the own-price elasticity of demand for cranberries at the equilibrium(d).apples remains constant at pa = 200, describe what will happen to supply curve for cranberries?Using your answer to (c), what will the change in temperature do to the consumer expenditureson cranberries? [Hint: No further computations are needed to answer this question.]If the worldwide average temperature increases next year but the price of

(a) Qdc = 1600 - 12Pc + 4Pa Where Qdc is worldwide demand of cranberries Pc is price of cranberries…

uestion 12 on of the price of cranberries, pe, and the price of apples, pa- Suppose that the worldwide demand for cranberries, Q", is a func- Q = 1600 – 12p. + 4pa. d the worldwide supply of cranberries is Q: = 200 + 4pc - 20 - temp, nere temp is the average annual temperature of the cranberry growing regions of the world.

uestion 12 on of the price of cranberries, pe, and the price of apples, pa- Suppose that the worldwide demand for cranberries, Q", is a func- Q = 1600 – 12p. + 4pa. d the worldwide supply of cranberries is Q: = 200 + 4pc - 20 - temp, nere temp is the average annual temperature of the cranberry growing regions of the world.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

w12

Question 12, continued:
(c).
point in (b)? Is demand elastic or inelastic?
What is the own-price elasticity of demand for cranberries at the equilibrium
(d).
apples remains constant at pa = 200, describe what will happen to supply curve for cranberries?
Using your answer to (c), what will the change in temperature do to the consumer expenditures
on cranberries? [Hint: No further computations are needed to answer this question.]
If the worldwide average temperature increases next year but the price of

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