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(solution)- Econ 103 homework


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The Question

Microeconomics?homework one question.

 

 

?

 


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(solution)- Econ 103 homework.zip

ECONOMICS

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Running Head: xxxxxxxxx x

 

 

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

 

 

 

 

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This paper was answered on 19-Jul-2017

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DATE ANSWERED

Jul 19, 2017

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