Find point income elasticity of demand at new equilibrium, Microeconomics

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Find point income elasticity of demand at new equilibrium

Suppose the industry supply and demand for Product A is given by:
Qs = 1000 + 100P
Qd = 2000 + 10Y - 200P

a) Where Qd denotes quantity demanded, Qs denotes quantity supplied, P denotes price and Y denotes per capita income. What is the equilibrium price and quantity of Product A if income is 10?

b) What is the point price elasticity of supply at the equilibrium quantity?

c) What is the new equilibrium price if per capita income increases to 20?

d) What is the point income elasticity of demand at the new equilibrium quantity?

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Microeconomics: Find point income elasticity of demand at new equilibrium

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Microeconomics: Find point income elasticity of demand at new equilibrium

Reference No:- TGS069932

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Recent Questions Asked Microeconomics

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Request for Solution File

Ask an Expert for Answer!!

Microeconomics: Find point income elasticity of demand at new equilibrium

Reference No:- TGS069932

Recent Questions Asked Microeconomics

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