Suppose the following situation Assume the following is the market for a normal good (lets say high end clothes) The demand curve for this market is: ad-47-2P The supply curve is Qs=3P-3 Where P is the price in both markets. What is the equilibrium price and supply in the market? What's the total surplus of the market? Consumer and producer? Let's say that Income (1) increased, how would that effect the market equilibrium and prices? how woul it shift the curve?

Suppose the following situation Assume the following is the market for a normal good (lets say high end clothes) The demand curve for this market is: ad-47-2P The supply curve is Qs=3P-3 Where P is the price in both markets. What is the equilibrium price and supply in the market? What's the total surplus of the market? Consumer and producer? Let's say that Income (1) increased, how would that effect the market equilibrium and prices? how woul it shift the curve?

Macroeconomics

13th Edition

ISBN:9781337617390

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter4: Prices: Free, Controlled, And Relative

Section: Chapter Questions

Problem 2WNG

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