Author Question: There are two closely related crops, X and Y, with the following demand functions QX = 180 - 2PX + ... (Read 24 times)

littleanan · **on:** Jul 1, 2018

There are two closely related crops, X and Y, with the following demand functions QX = 180 - 2PX + PY and QY = 150 + PX - PY where QX is the quantity of X, PX is the price of X, QY is the quantity of Y, and PY is the price of Y. These two crops are grown in two widely separated countries so there is no interrelationship between the supply curves. The short-run perfectly inelastic supply for X is 200 while the short-run perfectly inelastic supply for Y is 100. In equilibrium, the prices are

A) PX = 30, PY = 80.
B) PX = 40, PY = 60.
C) PX = 60, PY = 120.
D) PX = 80, PY = 130.

Question 2

Four years after graduating from college you must decide if you want to go on as an accountant (your college major) or if you want to make a career change and become a singer. The cost of your education will matter for your decision.

Indicate whether the statement is true or false

bblaney · **Reply #1 on:** Jul 1, 2018

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