Let the Demand and Supply for Two Linked Products, Say $Q _ { c } { } ^ { d } = 12$

question 4

Multiple Choice

Let the demand and supply for two linked products, say corn and soy, be the following: $Q _ { c } { } ^ { d } = 12$ $- 2 p _ { c } + p _ { s } ; Q _ { c } { } ^ { s } = 4 + p _ { c } ; Q _ { s } ^ { d } = 6 - 4 p _ { s } + p _ { c } ; Q _ { s } ^ { s } = 4 + p _ { s }$ . The superscript refers to "demand" (d) or "supply" (s) and the subscript refers to corn (c) or soy (s) . Now, suppose that the demand for corn shifts to $Q _ { c } { } ^ { d } = 18 - 2 p _ { c } + p _ { s }$ . If the price of soy does not adjust in response to this shift, what is the new equilibrium price of corn?

• A) \(p _ { c } = 2\)
• B) \(p _ { c } = 1\)
• C) \(p _ { c } = 3\)
• D) \(p _ { c } = 5\)

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