ECO333H1 Lecture 8: ECO333 Lecture 8
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17 Nov 2012
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What would be the effect if the price of the Chevrolets was $10,000 instead of $9,000? Here is the equation using $9,000.
Qc = 100,000 - 100Pc + 2,000N + 50I + 30Pf - 1,000Pg + 3A+ 40,000Pi | ||||||||
Qc = | Quanitity demand of Chevrolets per year. | |||||||
Pc | 9,000 | Price of Chevrolets | ||||||
N = | 225 | Population in the United States | ||||||
I = | 12,000 | Per Capita desposable income | ||||||
Pf = | 10,000 | Price for Ford automobiles | ||||||
Pg = | 100 cents | Real price of gasoline per gallon | ||||||
A = | 250,000 | Advertising expense by Chevrolet | ||||||
Pi = | 0 | Credit incentives to buy Chevrolets | ||||||
Qc = | 100000 - 100Pc + 2,000(225) + 50(12,000) + 30(10,000) - 1,000(100) + 3(250,000) + 40,000(0) | |||||||
Qc = | 2,100,000 - 100Pc | New demand curve equation |
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