Brandi recently began a new position as VP Sales for Otis Elevatos, a large firm selling new equipment for new construction, rep
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Answer:
Option D.
Explanation:
The demand function for good X is
where, is price of good X,
is price of good Y and M is income.
It is given that the price of good X is $1, the price of good Y is $10, and income is $100.
Substitute ,
and M = 100 in the given function.
None of the statements associated with this question are correct.
Therefore, the correct option is D.
Answer:
$3,000 and 7,000
Explanation:
Please find attached the table used in answering this question
Equilibrium price is the price at which quantity demand equal quantity supplied.
Equilibrium quantity is the quantity that equates quantity demand with quantity supplied.
Above equilibrium price there is a surplus - quantity supplied exceeds quantity demanded. As a result of the surplus, price would fall until equilibrium is reached.
Below equilibrium price there is a shortage - quantity demanded exceeds quantity supplied. As a result of the shortage, price would rise until equilibrium is reached
Answer
The answer and procedures of the exercise are attached in the following archives.
Explanation
You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.
