Q1 use the following general linear demand relationsqd 100

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Q1. Use the following general linear demand relations:

QD = 100 - 5P + 0.004M - 5 PR,
where P is the price of good X, M is income, and PR is the price of a related good, R.

Income is $100,000, the price of the related good is $20, and the supply function is QS = 150 + 5P. What is the equilibrium price?

Q2. What is the effect on the economic well-being of a nation when a tariff is imposed? Consult a newspaper and identify an industry where there currently is a tariff. What is the effect of this tariff on the U.S. economy?

Reference no: EM13352672

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