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In this current model, the quantity of steak (Q D ), which is a normal good, that people want to buy will depend on the price of steak (P), people's...
In this current model, the quantity of steak (QD), which is a normal good, that people want to buy will depend on the price of steak (P), people’s income (Y), and the price of steak sauce (Pss). The quantity of steak that people want to produce and sell (QS) depends on the price of steak (P) and the price of cattle (Pc) from which the steak is created.
A. Write the formulas for quantity demand and quantity supplied in functional notation.
B. Write either (+) or (-) underneath each of the exogenous variables in your formula based on whether you think an increase in that variable will increase (+) or decrease (-) the quantity of steak being demanded or supplied.
