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Suppose Larrys demand for apples (call it good A) is described as
q1=202PA+4PB8m where:
PA= price of Apples
PB= price of good B (Bananas)
m = income
1. SupposePB=m=$1derive Larry's demand function.
2. Larry buys his apples from Mary. Mary supplies apples according toqs=4+20p What is the cross elasticity of demand in equilibrium? Are the apples and bananas subsitutes or compliments?
3.Consider Moe. He only buys apples and bananas with his income. Moe says he considers apples and bananas both inferior goods. Using the concept of income elasticity, precisely explain whether he is reasonably describing his preferences.
Use no more than two sentences in your explanation.
4.Let us express Moe's demand for apples as q2 = 20-2p Similarly, let Curly's
demand for apples follow the equation q3 = 9 3p . Derive the total demand for apples by all three individuals.
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