YOU ARE THE MANAGER OF ALL IS WELL BOUTIQUE, DEALING IN THE SALE OF CLOTHING. YOU KNOW
THAT THERE IS A RELATIONSHIP BETWEEN THE DEMAND FOR CLOTHING AND FOOD. THE FOLLOWING
ARE THE DEMAND AND SUPPLY EQUATIONS FOR CLOTHING AND FOOD.
CLOTHING
FOOD
DEMAND
Qdc=410-5Pc-2Pf
Qdf=295-PC-3Pf
SUPPLY
QSC=-60+3PC
QSf=-120+2Pf
WHERE SUBSCRIPT f denotes FOOD AND SUBSCRIPT c denotes CLOTHING. P AND Q ARE PRICE AND
QUANTITY RESPECTIVELY. ALSO / INDICATES DEMAND AND S INDICATES SUPPLY.
QUESTION 1
FIND THE EQUILIBRIUM PRICES AND QUANTITIES FOR CLOTHING AND FOOD.
Answers: 3
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YOU ARE THE MANAGER OF ALL IS WELL BOUTIQUE, DEALING IN THE SALE OF CLOTHING. YOU KNOW
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