"> (solution)- Econ 103 homework Paper Detail – Transwriters

### (solution)- Econ 103 homework

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The Question

Microeconomics?homework one question.

?

#### Solution details

Solution #000261113744

## ECONOMICS

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ECONOMICS 4

xxxxxxxxx

xxxxxxx?s Name

xxxxxxx ID

Professor?x Name

xxxxxx Title

xxxx Date of xxxxxxxxxx

Question 1

In order to xxxxxxxxx xxx U.S consumption and xxxxxxxxxx xxxxxxx we need xx use xxx xxxxxxxx demand and xxxxxxxx xxxxxxxx xxxxxxxxx

xxxxxxxx xxxxxxxx = xxxx xxxxxxx

xxxxx x \$20

xx x a ? xx

b=

Elasticity of demand x xxxx

E =

x = b

0.15 = b

b= xxxx x 1.5

QD = a ? xx

200 x a ? xxxx xxxx = x ? 30

xx xxx x 30 = 230

Therefore,

QD x 230 ? 1.5P

Market price x \$14

xxxxx

U.S Consumption = xxx ? xxxx \$14)

= xxx ? xx

= 209 xxxxxxx

xx xxx supply side, to xxxx xxx production level

xxxxxxxx xxxxxxxx = \$160 million

Price = xxx

QS = c x dP

xx

Elasticity xx supply x xxxx

x x

E = x

xxxx = d

d= 0.25 x x

xx = c x dP

160 = x x xx \$20) = c x 40

xx xxx - 40 = xxx

xxxxxxxxxx

xx x 120 x xx

xxxxxx xxxxx = xxx

xxxxx

U.S xxxxxxxxxx x 120 x xx \$14)

= xxx + xx

x 148 million

This paper was answered on 19-Jul-2017

STATUS

QUALITY

Approved

Jul 19, 2017

EXPERT

Tutor

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