Let the demand and supply function for a commodity be Qa = D(p, Y) Dp <0, Dy> 0 Sp>0, Sw<0 Qs = S(p, w) where p is the price, Y in exogenous income, and w is the exogenous wage rate. a. Find dp and using the implicit-function theorem. dy b. Find d and dw dp by totally differentiating the equilibrium condition. dw

ENGR.ECONOMIC ANALYSIS
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Chapter1: Making Economics Decisions
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Let the demand and supply function for a commodity be
Qa= D(p,Y) Dp < 0, Dy > 0
Qs = S(p, w) Sp>0, Sw<0
where p is the price, Y in exogenous income, and w is the exogenous wage rate.
a. Find dp and
dp using the implicit-function theorem.
dw
dp
dy
b. Find and dp by totally differentiating the equilibrium condition.
dw
Transcribed Image Text:Let the demand and supply function for a commodity be Qa= D(p,Y) Dp < 0, Dy > 0 Qs = S(p, w) Sp>0, Sw<0 where p is the price, Y in exogenous income, and w is the exogenous wage rate. a. Find dp and dp using the implicit-function theorem. dw dp dy b. Find and dp by totally differentiating the equilibrium condition. dw
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Could you explain again how you got part a? I don't understand what RHS is nor what the answer is for the partial derivative for price with respect to wage

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