Question: Assume a demand equation: Q - 9 - 0.1p - Pp + 0.01pm + 0.0001Y; and a supply equation: Q = 0.1p - 0.02p +

Assume a demand equation: Q - 9 - 0.1p - Pp

Assume a demand equation: Q - 9 - 0.1p - Pp + 0.01pm + 0.0001Y; and a supply equation: Q = 0.1p - 0.02p + 0.01N + 0.01T - 0.1w where: p = price of lobster Q = quantity in thousands of units Pb = price of butter = $3 Pfa = price of fishing gear = $450 Pem = price of crab meat = $200 N = number of firms = 700 Y = consumer income = $40,000 T = index of technology = 300 w = wage rate = $20 The equilibrium price of lobster is $ (enter your response as a whole number). 4

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