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{"ops":[{"insert":"1.Imagine the market for Good X has a demand function of QDX = 100 \u2013 2PX \u2013 4PY + 0.05M + 0.1AX and a supply function of QSX = 4PX \u2013 10, where PX is the price of Good X, PY is the price of Good Y, M is the average consumer income and AX is the amount spent to advertise Good X.\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0If the price of Good Y is $5, M is $5000 and AX is $10,000, find the equilibrium price of Good X.\n\n"},{"attributes":{"bold":true},"insert":"2."},{"insert":" Suppose the market for X has a demand function of Q\u00adDX = 1000 \u2013 PX \u2212 2PY + 0.2M and a supply function of QSX = 4PX \u2013 500, where PX is the price of Good X, PY is the price of Good Y, and M is the average consumer income.\u00a0\nIf PY is $50, and M = $1,000, find the equilibrium price of Good X.\n\n"},{"attributes":{"bold":true},"insert":"3."},{"insert":" Imagine the market for Good X has a demand function of Qdx = 200 \u2013 2Px \u2013 Py + .1M and a supply function of Qsx = 2Px \u2013 2Pw, where Px is the price of Good X, Py is the price of Good Y, and M is the average consumer income. Pw is the price of Good W, which is an input to the production of Good X.\nIf Py = 10,\u00a0 Pw = 50,\u00a0 M = $2700, what's the price of X in equilibrium?\n\n"},{"attributes":{"bold":true},"insert":"4."},{"insert":" MacGuffins have a demand function of QD = 70 \u2013 P and a supply function of QS = 2P + 10. Determine the price for a supplied quantity is 0.\n\n"},{"attributes":{"bold":true},"insert":"5."},{"insert":" Imagine the market for Good X has a demand function of QDX = 100 \u2013 2PX \u2013 4PY + .05M + .1AX and a supply function of QSX = 4PX \u2013 10, where PX is the price of Good X, PY is the price of Good Y, M is the average consumer income and AX is the amount spent to advertise Good X.\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0If PY is $3, M is $24,000, AX is $500, find the equilibrium quantity of Good X.\n\n"},{"attributes":{"bold":true},"insert":"6."},{"insert":" Imagine the market for a phone card has a demand function of QDX = 38 \u2013 2PX and a supply function of QSX = 4PX - 10, where PX is the price of the phone card.\u00a0 If PX is 10, calculate the producer surplus (PS).\n\n\n"}]}

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