The demand function for a good is given by Q = 40 - 5P+4Y, where P is price and Y is income. The Supply function is given by Q = -8 + 3P. Which of the following statements is TRUE: O Equilibrium Q = 10 + Y Equilibrium P = 6 at all values of income Y Equilibrium Q = 6 + Y Equilibrium P = 6 +4Y Equilibrium Q = 20 when Y = 50

Economics (MindTap Course List)
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Chapter3: Supply And Demand: Theory
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The demand function for a good is given by Q = 40 - 5P+4Y, where P is price and Y
is income. The Supply function is given by Q = -8 + 3P. Which of the following
statements is TRUE:
Equilibrium Q = 10 +
22Y
Equilibrium P = 6 at all values of income Y
Equilibrium Q = 6 + 1⁄2 Y
Equilibrium P = 6 + 4Y
Equilibrium Q = 20 when Y = 50
Transcribed Image Text:The demand function for a good is given by Q = 40 - 5P+4Y, where P is price and Y is income. The Supply function is given by Q = -8 + 3P. Which of the following statements is TRUE: Equilibrium Q = 10 + 22Y Equilibrium P = 6 at all values of income Y Equilibrium Q = 6 + 1⁄2 Y Equilibrium P = 6 + 4Y Equilibrium Q = 20 when Y = 50
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