Question: The demand function for pork is: Qd = 400 -100P+ 0.05lNCOME, where Qd is the tons of pork demanded in your city per week, P

The demand function for pork is: Qd = 400 -100P+
The demand function for pork is: Qd = 400 -100P+ 0.05lNCOME, where Qd is the tons of pork demanded in your city per week, P is the price of a pound of pork, and INCOME is the average household income in the city. The supply function for pork is: Q5 = 200 +150P - 30COST, where Q3 is the tons of pork supplied in your city per week, P is the price of a pound of pork. and COST is the cost of pig food. Suppose INCOME is $50,000 and COST is $4. In this case, the equilibrium price of pork would be $D and the equilibrium quantity of pork would be El tons. (Round your answer for the price to two decimal places.) Suppose INCOME falls to $40,000 and COST does not change. The new equilibrium price of pork would be $|:|, and the new equilibrium quantiw of pork would be tons. (Round your answer for the price to two decimal places.) Suppose INCOME is $50,000 and COST rises to $10. The new equilibrium price of pork would be $|:|, and the new equilibrium quantity of pork would be D tons. (Round your answer for the price to two decimal places.) Suppose INCOME falls to $40,000 and COST rises to $10. The new equilibrium price of pork would be $|:|, and the new equilibrium quantity of pork would be D tons

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