Question #108466

The demand for product X depends on the price of product X as well as the average household income (Y) according to the following relationship

Qdx = 400 - 10 P + 0.001Y

The supply of product X is positively related to own price of product X and negatively dependent upon W, the price of some input. This relationship is expressed as:

Qsx = 60 + 5 P - 2 W

Given that Y = 10,000 and W = 6, what is the:

1. Equilibrium price?

Number

2. Equilibrium quantity?

Number

Suppose that income increases to 20,000 and W remains constant. What is the new:

3. Equilibrium price?

Number

4. Equilibrium quantity?

Number

Assuming that income remains constant at 20,000 and W increases to 11, what is the new:

5: Equilibrium price?

Number

6. Equilibrium quantity?

Qdx = 400 - 10 P + 0.001Y

The supply of product X is positively related to own price of product X and negatively dependent upon W, the price of some input. This relationship is expressed as:

Qsx = 60 + 5 P - 2 W

Given that Y = 10,000 and W = 6, what is the:

1. Equilibrium price?

Number

2. Equilibrium quantity?

Number

Suppose that income increases to 20,000 and W remains constant. What is the new:

3. Equilibrium price?

Number

4. Equilibrium quantity?

Number

Assuming that income remains constant at 20,000 and W increases to 11, what is the new:

5: Equilibrium price?

Number

6. Equilibrium quantity?

Expert's answer

- 24.13
- 168.67
- 24.8
- 172
- 25.47
- 165.33

Learn more about our help with Assignments: Microeconomics

## Comments

## Leave a comment