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Suppose the demand for good X is given by Qd = 60 -2Px + 0.01M + 7 PR where Qd = quantity of X demanded; Px price of X; M = (average) consumer income; PR = price of a related good R.

Assume that M = $40,000 and PR = $20. Assume that the supply function is given by Qs = -600 + Px.

What are the equilibrium price and quantity?

 

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