Homework Answers
Demand equation
Qd = 254-10p+20pb+3pc+0.002Y
Substitute the given values in the demand equation
Qd = 254-10p+20(4)+3(3)+0.002(12500)
Qd= 254-10p+80+9+25
Qd=368-10p
Supply equation
Qs = 274+36p-60ph
Substitute the given values in the supply equation
Qs = 274+36p-60(1.50)
Qs = 274+36p-90
Qs=184+36p
At market equilibrium, Demand = Supply
Qd = Qs
368-10p = 184+36p
368-184 = 36p+10p
184=46p
P= 184/46
P = 4
Equilibrium price of pork is $4
Substitute P = $4 in Qs
Qs=184+36p
Qs = 184 + 36(4)
Q = 184+144
Q = 328
Equilibrium quantity of pork = 328 million kg per year
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Q = 161 − 20p + 20pb + 3pc + 2Y,
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Canadian dollars per kg, pc, is the price of chicken in dollars
per kg, and Y is average income in thousands of dollars. What is
the demand function if...
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