Homework Help: Managerial Economics

Posted by Kashif on Monday, February 1, 2010 at 1:02am.

Given the demand & supply Function for product 'x' at california university have been estimated as:

Qd= 5000- 4 (price)+ 0.2 (pop)
Qs=-300 +5 (price)+ 0.5 (wage rate)

i) determine the equilibrium price & quantity of product X.

ii) Derive the demande & supply curves if pop=10,000 & wage rate is = $ 200/week

iii) At what price, the buyers (Sellers )would purchase (sell) zero Unit of X?

iv) What will be the quantity demand & quantity supplied if product X becomes a FREE GOOD?

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