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Assume that the equation for demand for bread at a small bakery is Qd = 60 - 10Pb + 3Y, where Qd is the quantity of bread demanded in loaves, Pb is the price of bread in dollars per loaf, and Y is the average income in the town in thousands of dollars. Assume also that the equation for supply of bread is Qs = 30 + 20Pb - 30 Pf, where Qs is the quantity supplied and Pf is the price of flour in dollars per pound. Assume finally that markets clear, so that Qd = Qs. a. If Y is 10 and Pf is $1, solve mathematically for equilibrium Q and Pb. substitute all exogenous variables into the equations and set Qd = Qs to find equilibrium Pb first and then subsitute back equilibrium Pb to the equations fo find equilibrium Q.
b. If the average income in the town increases to 15, solve for the new equilibrium Q and Pb.
First, read Fuguitt and Wilcox, pages 181-183. Then, from the Stock and Watson text Web site find a data file CAschooldistricts that contains data on school districts for 420 districts in California. A detailed description is given in CAschool_D..
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Bow Wow Bazaar is a increasing company specializing in gourmet dog food and supplies in Florida resort communities. BWB's demand and cost information are as follows:
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