Question
the damand for beef is Function of the price of beef, the price of chicken and income according to the equation Qb=0.02i- 6Pb+4Pc Qb- quantity
the damand for beef is Function of the price of beef, the price of chicken and income according to the equation
Qb=0.02i- 6Pb+4Pc
Qb- quantity of beef that is requested
Pb- price of kg of beef in shickel
Pc- price of a kg of chicken in shickel
i- consumer income in shickel
a- assume Pc=10 & i=1000 describe the consumer demand curve for beef.
b- return to the information givin in the beginning what is the quantity requested when ehwn the peice of beef is 8 per kg.
c- return to the informations givin in the beginning what is the quantity requested when the price of beef increased to 4 shickels? was this a change in the demand curve?
d- return to the informations givin in the beginning assume that the price of chicken has risen to 15 per kg what is the required amount of beef? was it a change in the demand curve ? is chicken meat a substitute or complementary product to beef ?
e- go back to the informations givin in the beginning: assume that the consumer income increases to 2000 shickel what is the amount of beef that is requested ? was it a change in the demand curve? is beef a normal ot inferior product ? explain and describe graphically
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started