Homework Answers
Qd = 9 - 0.1p - pc + 0.01ps + 0.0001Y = 9 - 0.1(105) - 3 + 0.01(200) + 0.0001(80,000) = 9 - 10.5 -3 +2+8 = 5.5
Qs = 0.1p - 0.02pi + 0.01N + 0.01T - 0.1w = 0.1(105) - 0.02(450) + 0.01(700) +0.01 (300) - 0.1(40) = 10.5 -9 +7 +3 -4 = 7.5
Qs - Qd = 2
Therefore, at price $105, there will be an excess supply of 2 thousand units
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