Answer to Question #169995 in Microeconomics for isaac mensah

Question

1. Suppose the following is an estimate of Ghana’s market demand curve for fish from 2017 to 2020. 𝑄𝑑 = 200 − 0.2𝑃𝑓 − 0.1𝑃𝑏 + 0.02𝑌 Where: 𝑄𝑑is the quantity of fish sold in tonnes per week. 𝑃𝑓 is the price of fish (in Ghana cedi per tonne) 𝑃𝑏 is the price of beef (in Ghana cedi per tonne) 𝑌 is annual personal disposable income per head (in Ghana cedis). (A) Explain, in a maximum of ONE sentence, what the following constant and coefficients in the demand equation mean (i) 200: (ii) -0.2: (iii) -0.1: (iv) 0.02:SEC (B) Use one of the following answers to answer the questions below and explain why: (i) a decrease in demand (ii) a decrease in quantity demanded (iii) an increase in demand (iv) an increase in quantity demanded a. An increase in Pf b. A decrease in Pb c. An increase in Y (C) From the equation, calculate what would happen to demand (with ceteris paribus assumption in mind) for fish if i) the price of fish went up by GHc3 per tonne in 2021 Answer: ii) the price of beef went up by Ghc3 per tonnes in 2021 Answer: iii) the real personal disposable income per head went up by GHc100 in 2021 Answer: (D) Explain whether i) Fish and beef are substitutes, complements or unrelated Answer: ii) Fish is inferior good or normal good Ans

Answer 1

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