Question: solve use the General Demand and Supply functions for A provided below to answer ine following y questions: QD = 4 500 - 4Px +

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use the General Demand and Supply functions for A provided below to answer ine following y questions: QD = 4 500 - 4Px + 10Py - 7Pz - 0.01M Time left 1:03:1 Qs = 3 000 + 2Px - 20w - 250PR where Px is the price of X, Py is the price of good Y, Pz is the price of good Z, M is Income, w is wage rate and PR is the price of a resource R. Suppose the current values are: Px = $10; Py = $6; Pz = $250; M = $55 000; w = $15; PR= $8 1 - Based on the demand equation X and Y are 2 - Based on the demand equation X and Z are 3 - Based on the demand equation X is a(n) good. 4 - The simplified demand function is: QD= PX 5 - The simplified supply function is: Q S = + Px. 6 - When the price of good X is $110 the there is of units. 7 - When the price of good X is $320 the there is a of units. 8 - The equilibrium price and quantity are: P* = $ and Q*= units. 9 - When price of Y increases to Py " = $30 and the price of R decreases to PR" = $5 the NEW equilibrium price and quantity are: P** = $ and Q** = units

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