Suppose the quantity demanded of good X (Qd) depends only on the price of good X (P), monthly income (M), and the price of a related good R (PR) and M is $80, 000 and PR is $100: Qd = 30,000 1,000P + 0.25M+ 5PR Now suppose the supply for good X is Qs = -10,000+ 2,0003P. The equilibrium price and quantity are P = and Q =

Suppose the quantity demanded of good X (Qd) depends only on the price of good X (P), monthly income (M), and the price of a related good R (PR) and M is $80, 000 and PR is $100: Qd = 30,000 1,000P + 0.25M+ 5PR Now suppose the supply for good X is Qs = -10,000+ 2,0003P. The equilibrium price and quantity are P = and Q =

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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