Question: MacGuffins have a demand function of Q D = 70 - P and a supply function of Q S = 2P + 10. Determine the

  1. MacGuffins have a demand function of QD= 70 - Pand a supply function of QS= 2P + 10. Determine the price for a supplied quantity is 0.
  2. Let the demand for good X beQX= 5 - 3PX+ 6PY+ 0.02I + 0.3AX.If PX= 8, PY= 4, I = 30,000, AX= 2,000, what is the cross-price elasticity of demand for Good X and Good Y? the question belongs to L2.3so it has not been covered yet,just enterthe answer:0.0199.
  3. Use this demand function to answer the following questions:

QDX= 50 - 0.8PX+ 5PY+ 0.007M. At PX= $20, PY= 10, and M = 50,000, what is QDX?

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