Question consider this system of demand and supply for, Ask an Expert

Economics

Question: Consider this system of demand and supply for apples. C is the changes in the cost of input for production. For the moment, assume I = 0 and C = 0.

Demand- Q = 6 - 2P + I

Supply- Q = 2P - C

Suppose I = 0 and now C = 1

A) Does the demand curve shift left as a result in the new value in C?

B) Does the supply curve shift as a result in the new value in C? Show the curve please.

C) Compute the value of the equilbirum quanity and price given the new value of C.

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M92582541

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