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The generalized demand and supply functions for a commodity are QD = 400 – 25 P + 0.4 M + 24 PR QS = 48 + 12 P –20 PI + 20 F QD = quantity demanded; P = price of the commodity; M = average household income; PR = Price of related goods in consumption (complements or subsititutes); QS = quantity supplied; PI = Factor or input prices; F = Number of suppliers a. Initially, M = $61,140 and PR = $6.
a. Find the “reduced” demand equation.
b. Find the inverse demand function (in which P is a function of QD).
c. Initially, PI = $25 and F = 22. Find the “reduced” supply equation
d. Find the inverse supply equation (in which P is a function of QS).
e. Will a price of $600 cause a shortage or surplus? How much?
f. Find the market equilibrium price and quantity. Now, let the number of firms increase to 133.
g. Find the new supply equation. What are the new equilibrium price and quantity?
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