Qd = 630 - 37p + 20pb + 3pc + 0.002Y is the given demand function
Now, putting the values of pb , pc and Y,
Qd = 630 - 37p + (20*4) + (3*3) + (0.002*12,500)
or, Qd = (630+80+9+25) - 37p
or, Qd = 744 - 37p is the required demand function
Again, Qs = 462 + 56p - 60ph is the given supply function
Now, putting the value pf ph,
Qs = 462 + 56p - (60*1.5)
or, Qs = 372 + 56p is the required supply function
For equilibrium, Demand = Supply
or, 744 - 37p = 372 + 56p
or, 93p = 372
or, p = $4 is the equilibrium price
and Q = 744-37p = 744-(37*4) = 596 million kg is the equilibrium quantity
JUAL LACICISU 3.4 Consider the demand function for processed pork in Canada. Question Q-630.00-37p.20 3. The...
Text Question 3.4 Consider the demand function for processed pork in Canada Qd = 526.00-28p + 20pb + 3pc + 0.002Y The supply function for processed pork in Canada is Qs = 410.00 + 36p-60ph p is the price of pork Q is the quantity of pork demanded pb is the price of beef = $4 per kg Pc is the price of chicken -$3 per kg (measured in millions of kg peryear)Y is the income of consumers $12,500 Ph...
Consider the demand function for processed pork in Canada, 282.00-13p+20pb3pc+0.002Y The supply function for processed pork in Canada is as 222.00+31p-60ph pb is the price of beef-34 per kg Pc is the price of chicken $3 per kg Y is the income of consumers $12,500 Ph is the price of a hog $1.50 per kg p is the price of pork Q is the quantity of pork demanded (measured in millions of kg per year) Solve for the equilibrium price...
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5.2 please iston to us time petrol amount eory allow us to ow it is attected ber saving. pay a higher in terest rate. elp explain whes er choice theory can help explain al assets an individual who is sayi bills, gold, and government pays part of ou allows the consumer to buy as many units as descu the subsidized price. Subsidies can also be made in the users may A decision to save (of LU UL form of cash,...
FISCAL POLICY IN THEORY: March, 2020: we are on the verge of Congress and the President passing legislation that will empower the federal government to spend an unprecedented amount of EXTRA money not seen since World War 2 ---- in order to address the pandemic but also to help cushion the blow financially of perhaps ten or twenty million Americans --- or more --- losing their jobs, and thus suffering a drop in income. The scale of the 2020 recession...