# Answer in Microeconomics for Abc #173231

The market for vanilla ice cream is given by the following information:

= 800 − 30

+ 10

= 250 + 30

− 10

Where

is the quantity demanded,

is quantity supplied,

is the price of vanilla ice

cream,

is the price of chocolate ice cream and is the price of milk. Let

= 10 and = 5. Calculate the equilibrium price and quantity in the vanilla ice

cream market. Compare the own-price elasticity of demand and supply at equilibrium. (4

At equilibrium, supply is equal to demand. So;

“Qd=Qs”

“(800-30Pv+10Pc)=(250+30Pv-10Pm)”

We know that “Pc=10” and “Pm=5”

hence; “800-30Pv+10(10)=250+30Pv-10(5)”

“30Pv+30Pv=800+100+50-250”

“Pv=12” , which the price of Vanilla ice cream at equilibrium.

Therefore, quantity supplied at equilibrium is “250+30(12)-10(5)”

“=560”

The quantity demanded at equilibrium will be “800-30(12)+10(10)”

“=540”

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