File Edit View Window Help M 3 M 4: 41%D -Mon 4:00 PM-Shivam Pandya - Course Con

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File Edit View Window Help M 3 M 4: 41%D -Mon 4:00 PM-Shivam Pandya - Course Content t the price 3. Suppose the demand function for white wine is given by 2500-50p +25Pr + 0.1Y, where the price of white wine, Pr is the price of red wine, and Y is income. What is quantity demanded if pui $20, 820, and Ys:$10,000? 4. Suppose the demand function for white wine is given by q 2500-50p +25p, +0.1Y, where pu is the price of white wine, Pr is the price of red wine, and Y is income. If po $20, pr $20, and Y- $10,000, how much would the price of white wine need to rise for the quantity demanded to fall to 1000 units? 5. Suppo ethe supply curve for bottled water is given by 100 +20p, and the demand curve is g ven by q 300-20p. What is the equilibrium price of bottled water? 6. Suppose the supply curve for bottled water is given by g. 100+20p, and the demand curve is given by gd-300-20p. what is equilibrium output? 7. Suppose the supply curve for labor is given by q, w+ 10, and the demand curve is given by 100-2w, where w is the wage rate. What is the equilibrium wage rate? 8. Suppose the supply curve for labor is given by g, = w + 10, and the demand curve is given by ga = 100 2w, where w is the wage rate. What will the wage rate become if the government mandates a binding minimum wage of $40? 9. Suppose the supply curve for labor is given by q, +10, and the demand curve is given by ga = 100-2w, where w is the wage rate. How many workers will become unemployed if the govern- ment mandates a binding minimum wage of $40?

Explanation / Answer

3. Demand function is q = 2500-50Pw +25Pr +0.1Y. Substitue Pw, Pr and Y in the demand function

Quantity demanded q = 2500 -50*(20) +25*(20) +0.1*(10000)

q = 2500-1000+500+1000 = 4000

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