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Yell-O Yew-Boats, Ltd. produces a popular brand of pointy birds called Blue Meanies. Consider the demand and supply equations for Blue Meanies:
QD, x = 150 - 2Px + 0.001I + 1.5Py
QS,x = 60 + 4Px - 2.5W
Where Qx = monthly per-family consumption of Blue Meanies
Px = price per unit of Blue Meanies
I = median annual per-family income = $25,000
Py = price per unit of Apple Bonkers = $5.00
W = hourly per-worker wage rate = $8.60
a. What type of good is an Apple Bonker?
b. What are the equilibrium price and quantity of Blue Meanies?
c. Suppose that median per-family income increases by $6,000. What are the new equilibrium price and quantity of Blue Meanies?
4 answers
QD,X=150-2PX+0.001I+1.5PY
Yell-O Yew-Boats, Ltd. produces a popular brand of pointy birds called Blue Meanies. Consider the demand and supply equations for Blue Meanies:
QD, x = 150 - 2Px + 0.001I + 1.5Py
QS,x = 60 + 4Px - 2.5W
Where Qx = monthly per-family consumption of Blue Meanies
Px = price per unit of Blue Meanies
I = median annual per-family income = $25,000
Py = price per unit of Apple Bonkers = $5.00
W = hourly per-worker wage rate = $8.60
a. What type of good is an Apple Bonker?
b. What are the equilibrium price and quantity of Blue Meanies?
c. Suppose that median per-family income increases by $6,000. What are the new equilibrium price and quantity of Blue Meanies?
QD, x = 150 - 2Px + 0.001I + 1.5Py
QS,x = 60 + 4Px - 2.5W
Where Qx = monthly per-family consumption of Blue Meanies
Px = price per unit of Blue Meanies
I = median annual per-family income = $25,000
Py = price per unit of Apple Bonkers = $5.00
W = hourly per-worker wage rate = $8.60
a. What type of good is an Apple Bonker?
b. What are the equilibrium price and quantity of Blue Meanies?
c. Suppose that median per-family income increases by $6,000. What are the new equilibrium price and quantity of Blue Meanies?
answer