Assume a demand equation Qd = 9-0, 1 p-pb + 0.01 pcrm + 0.000!Y; and a...
The equilibrium price of lobster is $50. What is the equilibrium quantity is ______ thousand units (enter your response rounded to one decimal place). Assume a demand equation: Qd = 9-0.1p-Po + 0.01 pcrm + 0.000!Y; and a supply equation: as 0.1p - 0.02Pfg + 0.01N + 0.01T-0.1w where: p price of lobster Pb price of butter $3 pcm= price of crab meat-S200 Y consumer income $20,000 Q- quantity in thousands of units Pigprice of fishing gear $450 N number...
X Concept Question 3.1 Assume a demand equation: and a supply equation: Qd = 9 - 0.10 - Pb + 0.01Pcm + 0.0001Y; Qs = 0.18 – 0.02pfg + 0.01N + 0.01T - 0.16 where: p = price of lobster Pb = price of butter = $3 Pom=price of crab meat = $200 Y = consumer income = $40,000 Q = quantity in thousands of units Pia = price of fishing gear = $450 N = number of firms =...
Assume a demand equation: and a supply equation: Qd = 9 – 0.1p - Pc + 0.010s + 0.0001Y Qs = 0.18 – 0.02p; + 0.01N + 0.011 – 0.16 where p = price of the good Pc = price of a complement = $3 Ps= price of a substitute = $200 Y = consumer income = $80,000 Q = quantity in thousands of units Pi = price of an input = $450 N = number of firms = 700...
Assume a demand equation Qd # 9-01p-pc + 001ps +00001Y and a supply equation: Qs = 0.1p-002pī + 001N + 0.01T-01w where Q quantity in thousands of units p=price of the good Pc npnce of a complement - S3P Ps price of a substtute $200 Y tt consumer income = S80.000 pnice of an input N number of tirms700 $450 T - index of technology we wage rate 300 y wage rate - s40 r the price is $105, there...
Assume a demand equation and a supply equatiorn Q, -01p -002pg 001N 0011 where p price of lobster P " price of buter 3 Pam price of crab meats200 Y H consumer income $20.000 quantity n thousands of unes Pig Price ofishing gear" s450 N "number of tms-700 THindex of technology 300 wagere10 The equilibsum pnice of lotster is s (enter your response as a whoie numbern) The equant num quantity İS thousand units n er your response rounded ro...
nomics-Summer 2018-Section 001 ceclia domminguez ork: Chapter 2: Supply and Demand | 10 of 18 (14 complete) ? Hw estion 3.2 dequation: Qd = 9-0.1p-pc + 0.01ps + 0.0001V ation: Qs = 0.1p-0.02pi + 0.01N + 0.01T-0.1w p price of the good Pc price of a complement $3 Ps price of a substitute $200 Y consumer income $80,000 Q quantity in thousands of units P price of an input $450 N = number of firms-700 T - index of technology...