Answered: Qd= 100-2D +3Z Qs= 50+3D + 40B Z=5,…

Qd= 100-2D +3Z Qs= 50+3D + 40B Z=5, B=1 a. equilibrium price and equilibrium quantitiy b. if income increases what happens to the equilibrium price and equilibrium quantity?

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter5: Elasticity

Section: Chapter Questions

Problem 16RQ: If demand is inelastic, will shifts in supply have a larger effect on equilibrium price or on...

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Question

Q_d= 100-2D +3Z

Q_s= 50+3D + 40B

Z=5, B=1

a. equilibrium price and equilibrium quantitiy

b. if income increases what happens to the equilibrium price and equilibrium quantity?

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