Homework Answers
Solution -
QS= -12 + P
Qd=84 - 3P + 0.02Y
The Y=$5000 per month is given
Qd=84-3P+0.02Y
=84-3P+0.02(5000)
=84-3P+100
=184-3P
The equilibrium condition
Qd=Qs
184-3P= -12+P
3P+P =184+12
4P =196
P =196/4
P =$49
Hence the equilibrium price is $49.
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