The following represents demand for widgets: QD = 820 – 7P +0.003M + 3PR, where P is the price of widgets, M is income, and PR is the price of a related good, the wodget. Supply of widgets is determined by QS = -20 + 4P.
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Widgets are a _________, and widgets and wodgets are _____________.
Select one:
 a. normal good; complements.Â
 b. inferior good; substitutes.Â
 c. inferior good; complements.Â
 d. normal good; substitutes.Â
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Assume that M = $45,000 and PR = $5.00. The equilibrium price of widgets is
Answer:Â
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The equilibrium quantity of widgets is
Answer:Â
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Now assume two events occur: income rises to $50,000 and supply conditions change such that QS = -30 + 3P. Solve algebraically for the new equilibrium price of widgets after these two changes.
Answer:Â
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Solve algebraically for the new equilibrium quantity of widgets after these two changes.
Answer:Â
Answers
Status NEW
Posted 12 Jul 2017 12:07 AM
My Price 5.00
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file 1499820006-Solutions file.docx preview (51 words )
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