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alexis24852
14.02.2020 •
Business
1. Using the given demand and supply equations, calculate the effect of a 35-percent increase in copper demand on the price of copper. Note: use the initial equilibrium values for P* (= $3.00) and Q* (= 18 million metric tons) when calculating the changes below. As a result of this change in demand, the price of copper will
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Ответ:
The new price of copper will be 3.48 dollar per metric ton
Missing inf:
the demand equation is Q = 27 −3P
the supply equation is Q = −9 + 9P
Explanation:
If demand increase by 35:
Qd = (27-3P) x 1.35
Qd = 36.45 - 4.05P
Now, we solve for the new equilibrium Price will ve:
36.45 - 4.05P = -9 + 9P
36.45 + 9 = 9P + 4.05P
45.45 = 13.05P
P = 3.48275862 = $3.48
Ответ: