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Annual demand and supply for the Entronics company is given by:

QD = 5,000 + 0.5 I + 0.2 A - 100P, and QS = -5000 + 100P

Where Q is the quantity per year, P is price, I is income per household, and A is advertising expenditure.

(A). If A = $10,000 and I = $25,000, what is the demand curve?

(B). Given the demand curve in part (A), what is equilibrium price and quantity?

(C). If consumer incomes increase to $30,000, what will be the new equilibrium price and quantity?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M938226

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