Problem
Let the demand and supply function for a commodity be
Qa = D(p,Y) D_{p} < 0 D_{y} > 0
Qs S(p, w) S_{p} > 0 S_{w} < 0 =
where p is the price, Y in exogenous income, and w is the exogenous wage rate.
i. Find d/dy (p) and d/dw (p) using the implicit-function theorem.
ii. Find d/dy (p) and dp dw by totally differentiating the equilibrium condition.