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Equilibrium Price, Supply and Demand Equations

Author:
November 13th, 2022

Suppose the supply and demand for wheat is given by:
Supply: Qs = 1800 + 240P
Demand: Qd = 2550 + 10I – 266P,
Where P = the price per bushel of wheat and I = income. The current
value of I is 100.

a. Find the current equilibrium price and quantity of wheat sold in the
market place.

b. Find the equilibrium price and quantity if income increases to 150

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