Given a demand curve of P = 220 - 2Qd and supply of P = 40 + 5Qs, find the equilibrium price (Pe), AFTER an increase in the price of complimentary goods has created a shift of 10 UNITS.

QUESTION 1 Given a demand curve of P = 253 - 4Qd and supply of P = 49 + 6Qs, find the equilibrium price (Pe), AFTER an increase in the price of complimentary goods has created a shift of 13 UNITS (Q).

Consider two markets: the market for cat food and the market for dog food. The initial equilibrium for both markets is the same, the equilibrium price is $4.50, and the equilibrium quantity is 31.0. When the price is $8.75, the quantity supplied of cat food is 75.0 and the quantity supplied of dog food is 105.0. For simplicity of analysis, the demand for both goods is the same. Using the midpoint formula, calculate the elasticity of supply for dog food. Please round to two decimal places.

A steeper demand curve is considered to be relatively more [Select] than a flatter demand curve, because for any given change in price, the change in quantity for the steeper curve is [Select] than for the flatter curve.

Which of the following is not a factor that could cause a shift in the demand curve for a certain good? Group of answer choices an increase in the price of a complement a change in the price of that good a change in income an increase in popularity of the good

The following are market demand and supply equations for a perfume product:QD = 70 − 4PQS = 10 + 2Pwhere P is, QD and QS are quantity demanded and supplied of perfume, respectively. C)  Suppose consumers’ income increases and perfume is considered as a normal good. As a result, the new demand equation is QD = 100 − 4P. Find the new equilibrium price and quantity of perfume. D)  Your economist friend told you that because of the change in demand described in part (c), price elasticity of demand changed. Is your friend right? Explain. E)  Use the demand equation in part (c) to compute price elasticity of demand between £5 and £6. Use the mid-point (arc) method.

Assume the market demand for tuna cans may be written as Qtc = 45 - 2 x Ptc + Psc+ 0.3y (where Ptc = price of tuna cans and Psc = price of sardine cans, and y = income). Further assume that both tuna cans and sardine cans sell for $1 and income is $25. Calculate cross - price elasticity for tuna cans and identify whether the goods are substitutes or complements.

Consider two markets: the market for cat food and the market for dog food. The initial equilibrium for both markets is the same, the equilibrium price is $⁢3.50, and the equilibrium quantity is 31.0. When the price is $10.75, the quantity supplied of cat food is 75.0 and the quantity supplied of dog food is 103.0. For simplicity of analysis, the demand for both goods is the same. Using the midpoint formula, calculate the elasticity of supply for dog food. Please round to two decimal places.

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