Microeconomics (Book Only)
Microeconomics (Book Only)
12th Edition
ISBN: 9781285738307
Author: Roger A. Arnold
Publisher: Cengage Learning
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Chapter 6, Problem 3WNG

The quantity demanded of good X rises from 130 to 145units as income rises from $2,000 to $2,500 a month. What is the income elasticity of demand for good X?

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How does the change in consumer and producer surplus compare with the tax revenue?
Considering the following supply and demand equations: Qs=3P-1 Qd=-2P+9 dPdt=0.5(Qd-Qs) Find the expressions: P(t), Qs(t) and Qd(t). When P(0)=1, is the system stable or unstable? If the constant for the change of excess of demand changes to 0.6, this is: dPdt=0.6(Qd-Qs) do P(t), Qs(t) and Qd(t) remain the same when P(0)=1?
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