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Use the following general linear demand relation: Qd = 680 - 9P + 0.006M - 4PR where M is income and PR is the price of a related good, R. If M = $15,000 and PR = $20 and the supply function is Qs= 30 + 3P, equilibrium price and quantity are, respectively,
A) P = $55 and Q = 195.
P= $6 and Q = 38.
P = $12 and Q = 200.
P= $50 and Q = 170.
P = $40 and Q = 250.

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Macroeconomics, Economics

Category:- Macroeconomics
Reference No.:- M9594969

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