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Consider the following demand for sugar function Qd= f(Y,Pc ,Ps) = 0.05Y + l0Pc- 5Ps2, where Qdis the demand for sugar, Y is income, Psis the price of sugar, and Pc isthe price of saccharine.

A) Use the total differential to find the approximate change in the demand for sugar with an increase in income of $10 if, initially, Y = 1000, Ps = 10, andPc=15

B) Use the total differential to find the approximate change in the demand for sugar with a $5 increase in the price of sugar if, initially y= 2000 ,Ps= 15, andPc=20.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M938669

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