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29 Oct 2020

What is the good and price in the Financial market?

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Microeconomics
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Explain and Analyze Price Controls, Surplus and Efficiency
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Paramjeet Chawla
Paramjeet ChawlaLv8
29 Oct 2020
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Related questions

The market demand for good Y is described by the function YD = 310 - 6PD, and the market supply of good Y is given by function YS = 4PS. (YD is the quantity of good Y demanded, PD is the demander price (in $) per unit of good Y, and PS is the supplier price (in $) per unit of good Y).

a) Find the market equilibrium quantity and equilibrium price.

b) Suppose that Government plans to apply a tax of 10$ per unit of good Y. Find the impact of this tax on market equilibrium. What are the new equilibrium quantity, the demander price, and the supplier price in case of implementation of this policy?

c) Suppose that Government plans to apply a subsidy of 20$ per unit of good Y. Find the impact of this subsidy on market equilibrium. What are the new equilibrium quantity, the demander price, and the supplier price in case of implementation of this policy?

What is the good and price in labor market?

Think about the demand for wheat bread.


a. What is a substitute good for wheat bread? How does an increase in the price of wheat bread impact the market for your chosen substitute good?

b. What is a complementary good for wheat bread? How does a decrease in the price of wheat bread impact the market for your chosen complementary good?

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