Suppose the demand curve for a product is given by Q=300-2P+44 where Iis average income measured in thousands of dollars. The supply curve is Q=3P-50. a. If I=25, find the market-clearing price and quantity for the product. b. If I=50, find the market-clearing price and quantity for the product.

Suppose the demand curve for a product is given by Q=300-2P+44 where Iis average income measured in thousands of dollars. The supply curve is Q=3P-50. a. If I=25, find the market-clearing price and quantity for the product. b. If I=50, find the market-clearing price and quantity for the product.

Principles of Microeconomics

7th Edition

ISBN:9781305156050

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter4: The Market Forces Of Supply And Demand

Section: Chapter Questions

Problem 8PA

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