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1. Using the given demand and supply​ equations, calculate the effect of a 35​-percent increase in copper demand on the price of copper. ​Note: use the initial equilibrium values for​ P* (=​ $3.00) and​ Q* (= 18 million metric​ tons) when calculating the changes below. As a result of this change in​ demand, the price of copper will

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TomShelby

Answer:

The new price of copper will be 3.48 dollar per metric ton

Missing inf:

the demand equation is Q = 27 −​3P

the   supply  equation is Q = −9 + ​9P

Explanation:

If demand increase by 35:

Qd = (27-3P) x 1.35

Qd = 36.45 - 4.05P

Now, we solve for the new equilibrium Price will ve:

36.45 - 4.05P = -9 + 9P

36.45 + 9 = 9P + 4.05P

45.45 = 13.05P

P = 3.48275862 = $3.48

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