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According to these estimates, we have: Qdy=3Py4Pc+0.01R+14 Qoy=2+2Py where Qdy is the quantity of sheep's cheese demanded, Py the price of sheep's cheese (expressed in
According to these estimates, we have:
Qdy=3Py4Pc+0.01R+14 Qoy=2+2Py
where Qdy is the quantity of sheep's cheese demanded, Py the price of sheep's cheese (expressed in $), Pc the price of ice cream (expressed in $), R the revenue (expressed in $) and Qoy the quantity supplied sheep's cheese.
1-If Pc=$3 and R=$10,000, what will be the sheep cheese demand function? 2-Determine the equilibrium in the sheep's cheese market if Pc=3$ and R=10,000$.
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