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Industry demand and supply functions for generic (unbranded) 12 ounce cans of cola are as follows: QD = 46,000 - 10, 000P + 3,000Pc + 4Y + 200T (Demand) Qs = 4,000 + 8,000P - 1,000PL - 500PK (Supply) Where P is the average price of generic cola ($ per case), Pc is the average price of name-brand cola beverages ($ per case), Y is income (GNP in $ billions), T is the average daily high temperature (degrees), PL is the average price of unskilled labor ($ per hour), and PK is the average cost of capital (in percent).
a.) What are the generic cola demand and supply curves if Pc = $5, Y = $6,000, T = 75 degrees, PL = $6, and PK = 12 %.
b.) Calculate the market equilibrium price/output combination. Market equilibrium is where Qs = Qd *
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