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Business, 03.07.2021 15:10 rasbuurry

The demand function for spaghetti is given by Q_D=21.6×(I)^0.685×〖(P_spaghetti)〗^ (-0.796)×(P_tacos )^0.216×(P_wine )^(-0.128) where P_spaghetti is the price of spaghetti, p_tacos is the price of tacos, p_wine is the price of wine, and I is the income. The supply function for spaghetti is given by Q_S=7547.1×(P_spaghetti-T)^0.494×(P _sauce )^(-0.638)×(P_Labor )^(-0.687) where P_spaghetti is the price of spaghetti, P_sauce is the price of sauce, P_Labor is the wage rate (the price of labor), and T is the tax per unit of spaghetti. Baseline values of variables: DEMAND DATA SUPPLY DATA Income $20,000 Price of sauce $3.00 Price of tacos $6.00 Price of labor $5.00 Price of wine $20.00 Per unit tax $0.00

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The demand function for spaghetti is given by Q_D=21.6×(I)^0.685×〖(P_spaghetti)〗^ (-0.796)×(P_tacos...
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