Identify an industry (not a firm – that will come later) in which you are interested

| February 14, 2018

Identify an industry (not a firm – that will come later) in which you are interested – e.g. the fruit industry in the primary sector, the autonomous or flying car industry in the manufacturing sector or the dining-out industry in the services sector
For this industry:
1.1 Specify a demand function of the form QD = a – bP
1.2 Specify a supply function of the form QS = c + dP
1.3 Derive the equilibrium values of QD and QS
1.4 Explain the factors influencing the shape of the demand function (1 para)
1.5 Estimate the demand elasticity one price interval above the equilibrium price
1.6 Estimate the demand elasticity one price interval below the equilibrium price
Draw diagrams where useful

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