2 Initial: A.Q 3. In a function particular county in California, the demand function for each person i for a particular kind of good is Q = 150+.15 I; - 5P where Qd denotes the quantity demanded for person i, I, is the income for person i, and P is the price of the good (which remains constant). The supply function for this particular good is Q = -30 + 10P where Q is the quantity supplied of the good by firm j. There are 5 firms total, and 100 consumers total. Further assume that the total income for the area is $50,000. (a) Find 100 Qd. Note, your answer will be in terms of unknown price P. Q = (150+0-15xli-5p) Qd = 150 + 015 Ii- 5P IMIMIMM Qd-n-150 +0-15 Ii- (n. 5p) Ii-(n-5p) 5 = 100 = 15000 + 1500 - 500 P 22500 = 500P Qd. = 100-150 +0.15 (50,000) - 100x5P P= #45 (b) Find Q. Note your answer will be in terms of unknown price P. =-30+100) =-30+lop Q = n.-30 + (n-lop) -5-30+(5-10p) (d) Find the price P where the total quantity supplied is one half that of the total quantity demanded. 3 4. In a population of 20 families, the number of cars owned by each family is given below: 0, 2, 2, 3, 1, 1, 4, 2, 4, 5, 1, 3, 6, 1, 2, 4, 3, 2, 3, 3 Let X be the number of cars owned, and X; be the possible values of X. Use this data to answer the following q (a) Write down the relative-frequency distribution for X.