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Teaching Since: Apr 2017
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  • MBA,PHD in Psychology
    Northwest Florida State College
    Jun-1992 - May-1997

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    Northwest Florida State College,
    Aug-2006 - Nov-2015

Category > Economics Posted 08 May 2017 My Price 9.00

Suppose gold (G)and silver (5) are substitutes for each other

Suppose gold (G)and silver (5) are substitutes for each other because both serve as hedges against inflation. Suppose also that the supplies of both are fixed in the short run (Qc = 75 and Qs = 300) and that the demands for gold and silver are given by the following equations:

PG = 975 - QG + 0.5Ps and Ps = 600 - Qs + 0.5PG.

a. What are the equilibrium prices of gold and silver?

b. What if a new discovery of gold doubles the quantity supplied to 150?How will this discovery affect the prices of both gold and silver?

 

Using general equilibrium analysis, and taking into account feedback effects, analyze the following:

a. The likely effects of outbreaks of disease on chicken farms on the markets for chicken and pork.

b. The effects of increased taxes on airline tickets on travel to major tourist destinations such as Florida and California and on the hotel rooms in those destinations.

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Status NEW Posted 08 May 2017 12:05 PM My Price 9.00

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