Question: Demand and Supply functions for rice are given as below:Q _ d ( R ) = - 1 6 0 0 - 0 . 3
Demand and Supply functions for rice are given as below:QdRPR PW YQsRPR PW W RWhereas: PR Average Price of Rice, PW Average Wholesale Price of Wheat $ W Average wages of unskilled labor $ Y Income of the consumer $ R Average Annual Rainfall inchesa Find out marketclearing price and quantity of rice.b Find out marketclearing price and quantity of rice if the government imposes $ per unit tax on buyers and sellers simultaneously.c Find out crossprice elasticity of supply; interpret your results. Also, identify that both rice and wheat are what types of products.
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