Market demand function for copper Qd=3 - 2Pc +0.21 + 1.6TC +0.04E + 0.5Pa - 0.4Pr Instructions: Change input values only in the cells highlighted in yellow. C1 1 TC E Pa Pr C2 Pc Qd Qd=C2 - 2Pc 1) What is quantity demanded Qd if price P is 3? Data 1 1 20 2.5 100 10 5 16 0 16 2) What is quantity demanded Qd if price P increases from 3 to 3.25, 20 2.5 100 10 16 0.25 15.5 Market demand for copper holding other variables constant? IN 1 20 2.5 100 10 5 16 0.5 15 18 3) What happens to the demand curve for copper 4 1 20 2.5 100 10 5 16 0.75 14.5 16 if incomes increases from 20 to 25? 5 1 20 2.5 100 10 5 16 1 14 14 4) Is copper a normal or an inferior good? Briefly explain why? 6 1 20 2.5 100 10 5 16 1.25 13.5 12 5) What happens to the demand curve for copper 7 1 20 2.5 100 10 5 16 1.5 13 if price of aluminum Pa increases from 10 to 20? 1 20 2.5 100 10 UT 16 1.75 12.5 8 6) Is aluminum a substitute or complementary good for copper or vice versa? LD CO 1 20 2.5 100 10 16 2 12 Briefly explain why. 10 20 2.5 100 10 16 2.25 11.5 7) What happens to the demand curve for copper if price of resin increases from 5 to 7? 11 20 2.5 100 10 16 2.5 11 20 2.5 100 10 16 2.75 10.5 8) Is resin a substitute or complementary good for copper or vice versa? 12 5 16 3 10 0 1 2 3 4 5 6 7 8 13 20 2.5 100 10 Briefly explain why. Price 14 1 20 2.5 100 10 5 16 3.25 9.5 15 1 20 2.5 100 10 5 16 3.5 9 16 1 20 2.5 100 10 5 16 3.75 8.5 17 1 20 2.5 100 10 5 16 8 18 1 20 2.5 100 10 16 4.25 7.5 19 1 20 2.5 100 10 16 4.5 7 20 1 20 2.5 100 10 5 16 4.75 6.5 21 1 20 2.5 100 10 16 5 6 22 1 20 2.5 100 10 16 5.25 5 23 1 20 2.5 100 10 16 5.5 5 24 1 20 2.5 100 10 16 5.75 4.5 25 1 20 2.5 100 10 16 6 4 26 1 20 2.5 100 10 5 16 6.25 3.5 27 1 20 2.5 100 10 16 6.5 3 W N 28 20 2.5 100 10 16 6.75 2.5 29 20 2.5 100 10 16 7 2 5 30 1 20 2.5 100 10 5 16 7.25 1.5Instructions: Change input values only in the cells highlighted in yellow. Market supply function for copper Qs=-5 + 8PC - 0.5w +0.4T + 0.5N - 0.5Pa 1) What is quantity supplied Qs if price P is 3? C1' W T N Pa C2' PC Qs Qs = C2' + 8Pc 2) What is quantity supplied Qs Data 20 10 -15 2 1 5 70 50 1 Market supply of copper if price P increases from 3 to 3.25, holding other variables constant? -5 70 50 20 10 -15 2.25 3 3) What happens to the supply curve for copper - 5 70 50 20 10 -15 2.5 5 70 if wages increase from 100 to 110? 10 -15 2.75 7 60 4) What happens to the supply curve for copper auf W N -5 70 50 20 - 5 70 50 20 10 -15 3 9 if price of aluminum Pa increases from 10 to 20? 50 5) Is aluminum a substitute or complementary good in production for copper or vice versa? - 5 70 50 20 10 -15 3.25 11 - 5 70 50 20 10 -15 3.5 13 Briefly explain why. 20 10 -15 3.75 15 30 Qs 50 Qua - 5 20 10 -15 4 17 20 20 10 -15 4.25 19 10 11 20 10 -15 4.5 21 20 -15 4.75 23 0 8 10 0 2 4 6 20 -15 5 25 Price 20 -15 5.25 27 50 20 -15 5.5 29 50 20 10 -15 5.75 31 50 20 10 -15 6 33 50 20 10 -15 6.25 35 50 20 10 -15 6.5 37 50 20 10 -15 6.75 39 50 20 10 -15 7 41 50 20 10 -15 7.25 43 50 20 10 -15 7.5 45 50 20 10 -15 7.75 47 70 50 20 10 -15 8 49 70 50 20 10 -15 8.25 51 50 20 10 -15 8.5 53 20 10 -15 8.75 55 50 20 10 -15 9 57 50 20 10 -15 9.25 59Market demand function for copp Market supply function for copper Qd=3 - 2Pc +0.21 + 1.6TC + 0.04E + ( Qs=-5 + 8PC - 0.5w + 0.4T + 0.5N - 0.5Pa Data C2 Pc Qd Data C2' PC Qs 16 0 16 1 -15 2 Market of copper 2 16 0.25 15.5 2 -15 2.25 3 70 16 0.5 15 3 -15 5 60 16 0.75 14.5 4 -15 2.75 7 50 16 1 14 5 -15 3 9 6 16 1.25 13.5 6 -15 3.25 11 40 7 16 1.5 13 7 -15 3.5 13 CO 16 1.75 12.5 8 -15 3.75 15 20 16 2 12 9 -15 4 17 10 10 16 2.25 11.5 10 -15 4.25 19 11 16 2.5 11 11 15 4.5 21 12 16 2.75 10.5 12 -15 4.75 23 2 8 10 13 16 3 10 13 -15 5 25 Price 14 16 3.25 9 14 -15 5.25 27 15 16 3.5 9 15 -15 5.5 29 16 16 3.75 8.5 16 -15 5.75 31 1) What is the estimate equilibrium price and quantity based on the graph? 17 16 4 8 17 -15 6 33 18 16 4.25 7.5 18 -15 6.25 35 19 16 4.5 7 19 -15 6.5 37 20 16 4.75 6 20 -15 6.75 39 21 16 5 6 21 -15 7 41 22 16 5.25 5.5 22 -15 7.25 43 23 16 5.5 5 23 -15 7.5 45 24 16 5.75 4.5 24 -15 7.75 47 25 16 6 4 25 -15 8 49 26 16 6.25 3.5 26 -15 8.25 51 27 16 6.5 3 27 -15 8.5 53 28 16 6.75 2 28 -15 8.75 55 29 16 7 2 29 -15 9 57 30 16 7.25 1.5 30 -15 9.25 59