Assume a demand equation Q,0-0.1p - P. 0.01p, + 0.0001Y and a supply equation: 9,0.1p - 0.02p, 0.01N + 0.01T 0.1w where p price of the good Pe"price of a complement $3 Qquantity in thousands of units P price of an input $450 Pprice of a substite $200 Nnumber of firms 700 Y- consumer income $20,000 Tindex of technology 300 Wwwage rate $10 If the price is $45, there will be an thousand units.
Assume a demand equation Q,0-0.1p - P. 0.01p, + 0.0001Y and a supply equation: 9,0.1p - 0.02p, 0.01N + 0.01T 0.1w where p price of the good Pe"price of a complement $3 Qquantity in thousands of units P price of an input $450 Pprice of a substite $200 Nnumber of firms 700 Y- consumer income $20,000 Tindex of technology 300 Wwwage rate $10 If the price is $45, there will be an thousand units.
Microeconomics: Principles & Policy
14th Edition
ISBN:9781337794992
Author:William J. Baumol, Alan S. Blinder, John L. Solow
Publisher:William J. Baumol, Alan S. Blinder, John L. Solow
Chapter18: Pricing The Factors Of Production
Section: Chapter Questions
Problem 4TY
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