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Assume a demand equation for sweet potatoes as: Qd = 7609 - 1,606Px + 59N + 947M + 479Py - 271t Where Qd =quantity sweet
Assume a demand equation for sweet potatoes as: Qd = 7609 - 1,606Px + 59N + 947M + 479Py - 271t Where Qd =quantity sweet potatoes/ year in 1000 cwt Px = real price per cwt sweet potatoes N = US population in millions M = real per capita disposable income in thousands $ Py = real price per cwt white potatoes t-time trend 1. Substitute in the external factors and determine the reduced orm of demand. You also know that the quantity supplied function is given as: Quantity suppliled=10px+1000 Demand is 19306-1606px b. what is the equilibrium price and quantity in this market? c. describe a graph on this function. what is the y-axis intercept what is the slope
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