Saturday

November 22, 2014

November 22, 2014

Posted by **Jackie** on Tuesday, September 18, 2012 at 12:11pm.

a. If Y is 10 and Pf is $1, solve mathematically for equilibrium Q and Pb. (Hint: substitute all exogenous variables into the equations and set Qd = Qs to find equilibrium Pb first and then subsitute back equilibrium Pb to the equations fo find equilibrium Q)

b. If the average income in the town increases to 15, solve for the new equilibrium Q and Pb.

**Answer this Question**

**Related Questions**

Microeconomics - 4. Assume a drought in the Great Plains reduces the supply of ...

Economics - 1. Illustrate the following using demand and supply graphs. a) The ...

science - which bread will mold the fastest? is it wheat bread or white bread

home economics - Suppose that 200 gallons of gasoline are demanded at a ...

university-health economics - Given the following demand function for medical ...

HELP! advanced algebra - A bakery is making whole-wheat bread and apple bran ...

economics - assume that the demand and supplu equations for bushels of wheat are...

Economics - Explain the difference in prices for each of the following pairs of...

math - Use the following to answer question 7: Point Bread Tractor A 20 0 B 18 1...

economics - I know this might be basic.....but I am still not sure about subject...