ECON 2G03 Lecture Notes - Lecture 1: Tangerine, Economic Equilibrium, Substitute Good
11 Oct 2018
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Due: september 27, 2018 thursday at the beginning of the class. Requirement for all assignments: the assignments can be written either alone or in a group (maximum four students). If writing the assignments in a group, every group member s full name and student id number must be clearly printed on the first page of the assignments. You are free to choose your group member and are free to change group during the semester. Marks will be deducted for unclear graph: the inverse demand curve for product x is given by: Px = 25 - 0. 005q + 0. 15py where px represents price in dollars per unit, q represents rate of sales in pounds per week, and py represents selling price of another product y in dollars per unit. The inverse supply curve of product x is given by: px = 5+ 0. 004q: determine the equilibrium price and sales of x.
