31 May Question Demand for product A is given by: QD = 500 – 50 P + 10 Y
Question
Demand for product A is given by:
QD = 500 – 50 P + 10 Y
Where P = Price of A and Y = average income
And the supply of A is given by:
QS = 50 P – 200PB
Where PB = Price of B
If Y = 10 and PB = 2, what is the equilibrium price and quantity of A and how do I solve for the equilibrium price of A as a function of income.
If Y = 10, what is the equilibrium price of A?
Given that Y = 10 and PB = 2, how do I calculate the price elasticity of demand and the price elasticity of supply.
Suppose the government places a $1/ton specific tax on A.
- How do I calculate the new equilibrium price and quantity for the A market.
- How much of the tax would get passed on to the consumer?
- How can I verify using the calculus approach for solving for the burden of the tax. I really struggle with the calculus parts.
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