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Suppose Larry's demand for apples (call it good A) is described as
\(q_1 = 20-2P_A+4P_B-8m\) where:
PA= price of Apples
PB= price of good B (Bananas)
m = income
1.) Suppose \(P_B = m = $1\) derive Larry's demand function.
2.) Larry buys his apples from Mary. Mary supplies apples according to \(q_s = -4 +20p\) What is the equilibrium price and quantity of Apples?
3.) What is the price elasticity of demand in equilibrium? Is it elastic or inelastic?
4.) What is the income elasticity of demand in equilibrium? Are the apples normal or inferior?
5.) What is the cross elasticity of demand in equilibrium? Are the apples and bananas subsitutes or compliments?
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questions are even asking. Would you be able to explain what they are asking as well as provide me with a solution I'm more interested in LEARNING this than just getting the answer, so I really need help with the explanation of how you come up wit..
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