Homework Answers
Due to presence of HOMEWORKLIB POLICY, I am answering 3 questions.
1.
Demand equation shows that quantity demanded is dependent on price and they are negatively related. Rise in 1 unit of price causes fall of b units in quantity demanded.
Supply equation shows that quantity supplied is dependent on price and they are positively related. Rise in 1 unit of price causes rise of d units in quantity supplied.
2.
In equilibrium, we have:
Demand = Supply
3.
Changes in P*:
- P rises in both a and c. Economic reasoning: High autonomous demand and low autonomous supply raises price
- P falls in both b and d. Economic reasoning: Flatter the demand and supply, lesser the price.
Changes in Q*:
- Q falls in both b and c. Economic reasoning: Steeper demand and less autonomous supply implies less Q.
- Q rises in a. Economic reasoning: Greater the autonomous demand, greater the Q.
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