Assume equations 1 and 2 below were estimated from the data gathered that will represent the demand and supply functions

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Assume equations 1 and 2 below were estimated from the data
gathered that will represent the demand and supply functions
respectively of an individual buyer and seller respectively for
product 𝑋.
𝑄𝑑 =65,000−11.25𝑃 +15𝑃 −3.75𝐼+7.5𝐴 Eq.1 $$%
𝑄𝑠 =7,500+14.25𝑃 −15𝑃 −3.75𝐶 Eq.2 $$&
where 𝑃𝑋 – price of product 𝑋; 𝑃𝑌 – price of product 𝑌; 𝐼 –
average consumer’s income; 𝐴 – advertising expenditure; 𝑃𝑍 – price
of product 𝑍; and 𝐶 – cost of production.
Use the following additional information: the price of a related
product, 𝑌, is P41.25; the average consumer’s income is P12,000;
advertising expenditure is P2,500; the price of product 𝑍 is P90;
and the cost of production is P1,200. There are 30 identical buyers
and 50 identical sellers in the market for product 𝑋.
Is product 𝑋 a normal or an inferior product? Justify.
How are product 𝑋 and product 𝑌 related for the buyer?
Explain.
On the part of the seller, what kind product 𝑍 is?
Using the market demand function, what is 𝑃 that will make all
the buyers stop $
purchasing this product? Round-up to two decimals.
What is the interpretation of the parameter 𝑎 of the market
demand function?
What is the interpretation of the parameter 𝑏 of the market
demand function?
What is the interpretation of the parameter 𝑑 of the market
supply function?
What is the market price of product 𝑋? Round-up to two
decimals.
What is the equilibrium quantity in this market?
What is the price range that will result to a surplus in the
market?
What is the price range that will result to a shortage in the
market?
If the government will intervene in this market and imposes that
the minimum price will be 20% more than the market price,
12. . How much would be the quantity demanded? Round-up to two
decimals.
13. How much would be the quantity supplied? Round-up to two
decimals.
14. . From L and M, what is the condition in the market? Explain
concisely.
If the new supply equation will be 𝑄𝑠′$ = 26,250 +
712.50𝑃′$,
15. What would be the new equilibrium price (round-up to two
decimals)?
How many of this product will be bought and sold at this new
market price? Round-up to two decimals.
What is the specific reason for this change in supply