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Assignment Questions

Consider the market for apple juice. In this market, the supply curve is given by QS = 10PJ −5PA and the demand curve is given by QD = 100−15PJ +10PT, where J denotes apple juice, A denotes apples, and T denotes tea.
a) Assume that PA is fixed at 1 and PT = 5. Calculate the equilibrium price and quantity in the apple juice market (10 marks);
b) Suppose that a poor harvest season raises the price of apples to PA = 2. Find the new equilibrium price and quantity of apple juice (10 marks);
c) Draw a graph to illustrate your answers (10 marks).