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Suppose the market demand is in the following form. Qy = 100 - 2*P + 0.1*P + 1.5*Pop where Py is the price of good
Suppose the market demand is in the following form. Qy = 100 - 2*P + 0.1*P + 1.5*Pop where Py is the price of good X, Py is the price of good Y, and Pop is the size of the population. And, the market supply is in the following form QX = 2*PXSuppose FY: 11 and Pop = 132. We can find that the equilibrium price of X is [Answer]. (In decimal numbers, with two decimal places, please.) Answer: Continue from the previous question and suppose P, = 11 and Pop = 132. We can find that the equilibrium quantity of X is [Answer]. (In decimal numbers, with two decimal places, please.) Answer:Continue from the previous question and suppose P = 11 and Pop = 132. We can find that the total economic surplus at the market equilibrium of X is [Answer]. (In decimal numbers, with two decimal places, please.)Continue from the previous question. Suppose PY is still 11 but there is an inflow of population that increases Pop to 264. We can find that the equilibrium price ofX is [Answer]. (In decimal numbers, with two decimal places, please.) Answer: Continue from the previous question. Suppose P is still 11 but there is an inflow of population that increases Pop to 264. We can find that the equilibrium quantity of X is [Answer]. (In decimal numbers, with two decimal places, please.)Continue from the previous question. Suppose P is still 11 but there is an inflow of population that increases Pop to 264. We can find that the total economic surplus at the market equilibrium of X is [Answer]. (In decimal numbers, with two decimal places, please.)
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