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The demand function for pork is: Q-400-100P+0.01INCOME. where Q is the tons of pork demanded in your city per week, P is the price
The demand function for pork is: Q-400-100P+0.01INCOME. where Q is the tons of pork demanded in your city per week, P is the price of a pound of pork, and INCOME is the average household income in the city. The supply function for pork is: Q-250+150P-20COST. where Q is the tons of pork supplied in your city per week, P is the price of a pound of pork, and COST is the cost of pig food. Suppose INCOME is $50,000 and COST is $4. In this case, the equilibrium price of pork would be $and the equilibrium quantity of pork would be tons. (Round your answer for the price to two decimal places.) Suppose INCOME falls to $40,000 and COST does not change. The new equilibrium price of pork would be $, and the new equilibrium quantity of pork would be tons. (Round your answer for the price to two decimal places.) Suppose INCOME is $50,000 and COST rises to $8. The new equilibrium price of pork would be $ and the new equilibrium quantity of pork would be (Round your answer for the price to two decimal places.) Suppose INCOME fails to $40,000 and COST rises to $8. tons. The new equilibrium price of pork would be $, and the new equilibrium quantity of pork would be tons. (Round your answer for the price to two decimal places.)
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