这个练习题有三个部分：a，b和c。让我们通读一下提示和问题。在尝试解决这个问题之前，您需要参考以下介绍性文章，以确保您理解基本概念：初学者弹性指南和使用微积分计算弹性。魁北克省的黄油功能是Qd = 20000 – 500Px + 25M + 250Py，其中Qd是每周购买的公斤数量，P是每公斤美元的价格，M是魁北克消费者的平均年收入，以千计美元，而Py是一公斤人造黄油的价格。假设M = 20，Py = $ 2，并且每周供应函数使得一公斤黄油的均衡价格为14美元。一个。计算平衡时黄油需求（即响应人造黄油价格变化）的交叉价格弹性。这个数字是什么意思？标志重要吗？湾计算均衡时黄油需求的收入弹性。 C。计算均衡时黄油需求的价格弹性。在这个价格点上我们可以说黄油的需求量是多少？这个事实对黄油供应商有何意义？
In microeconomics, the elasticity of demand refers to the measure of how sensitive the demand for a good is to shifts in other economic variables. In practice, elasticity is particularly important in modeling the potential change in demand due to factors like changes in the good’s price. Despite its importance, it is one of the most misunderstood concepts. To get a better grasp on the elasticity of demand in practice, let’s take a look at a practice problem. Elasticity Practice Problem
This practice problem has three parts: a, b, and c. Let’s read through the prompt and questions. Before trying to tackle this question, you’ll want to refer to the following introductory articles to ensure your understanding of the underlying concepts: A Beginner’s Guide to Elasticity and Using Calculus to Calculate Elasticities. And function for butter in the province of Quebec is Qd = 20000 – 500Px + 25M + 250Py, where Qd is quantity in kilograms purchased per week, P is price per kg in dollars, M is the average annual income of a Quebec consumer in thousands of dollar, and Py is the price of a kg of margarine. Assume that M = 20, Py = $2, and the weekly supply function is such that the equilibrium price of one kilogram of butter is $14. a. Calculate the cross-price elasticity of the demand for butter (i.e. in response to changes in the price of margarine) at the equilibrium. What does this number mean? Is the sign important? b. Calculate the income elasticity of demand for butter at the equilibrium. c. Calculate the price elasticity of demand for butter at the equilibrium. What can we say about the demand for butter at this price-point? What significance does this fact hold for suppliers of butter?