1)Suppose the market for basketballs is perfectly competitive and the functions are known:

Q = 120 - 2Px - 2Py + I

Q = 2Px + 20

Where I = Consumers' income ($100) and Py = Price of Good Y (60)

The demand function is

A 45 y 110 B 90 y 35 C 35 y 90 D 110 y 45Total population 42,000,000 Working age population 30,000,000 Minors compared to working age 12,000,000 Economically Active Population (Labor Force) 21,600,000 Economically inactive population 8,400,000 busy 16,800,000 unemployed 4,800,000 unemployed 4,150,000 looking for the first time 650,000