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PaulKet PaulKet
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Posts: 488
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6 years ago
The supply and demand for wheat are given by
   QS= 20 + 100p
   QD = 4000 - 100p +10Y
Where Y is the average consumer income.
a.   Compute the partial derivative of quantity demand with respect to changes in average consumer income.
b.   Solve for the equilibrium price and quantity as functions of the consumer income.
c.   Compute the derivatives of the equilibrium price and quantity with respect to income.
Textbook 
Microeconomics: Theory and Applications with Calculus

Microeconomics: Theory and Applications with Calculus


Edition: 4th
Author:
Read 83 times
2 Replies
The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.

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Replies
wrote...
#1
6 years ago
a.   10
b.    200p = 3980 + 10Y
   p*(Y) = 19.9 + 0.05Y
   Q*(Y) = 2010 + 5Y
c.   dp*/dY = 1/20
   dQ*/dY = 5
Both are positive, indicating the equilibrium price and quantity rises with income.
PaulKet Author
wrote...
#2
5 years ago
A Plus Slight Smile
The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.
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