Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter3: Demand And Supply
Section: Chapter Questions
Problem 5SCQ: Lets think about the market for air travel. From August 2014 to January 2015, the price of jet fuel...
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Question
- warring ( i just want the answer for C )
A- Given the following two equations:
Qd = 150 – 3P
Qs = 70 + 2P
Calculate the
B- Using the above two equations to find the values of Qd, Qs, the market situation (Shortage/Surplus/Equilibrium), and the Value of shortage or surplus if any, at the following prices.
10, 15,20 and 25.
C-If the consumer income increases by 20%, what will happen to the equilibrium price and quantity.
- warring ( i just want the answer for C )
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