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Computing demand at current prices and income.

A steel industry trade group estimates that the demand for steel in a particular market is given as

Qs = 2,000 - 160Ps + 8I + 140Pa,

where Qs is the demand for steel (in pounds) per year, Ps is the price of steel in cents per pound, I is income per capita in dollars, and Pa is the price of aluminum in cents per pound. Currently the price of steel is 160¢ per pound, income per capita is $20,000, and the price of aluminum is 300¢ per pound.

How much steel will be demanded at the current prices and income?

 

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M917838

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