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30. Suppose that demand and supply for cookies can be written as: Qd = 50 – P; Qs = P. Compute the equilibrium price and quantity. Now, suppose that a change in the price of cake causes demand for cookies to become: Qd = 100 – P. Compute the new e...
Section: Demand, Supply, and Market Equilibrium
Ans: (a) shifts demand to the left: at a given price for the Ford Taurus, some of its potential buyers will now purchase the new model; (b) shifts demand to the right: as the price of Japanese imports increases more people are willing to purchase US-m...
Difficulty: Medium
Section: Demand, Supply and Market Equilibrium
49. What is the elasticity of the following demand curve? QP2 = 100