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Compute equilibrium price and quantity for problem

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Reference no: EM131988196

Qd = 80 -6P+ 2Y

Qs = 10 + 3P-0.2W

Where Qd is quantity demanded, P is price, Y is income, Qs is quantity supplied, and W is the wage rate for labor. Assume the following average values for the shifters are:

Y = 10

W = 10

Compute the equilibrium price and quantity for this problem.

Assume that the income changed from Y= 10 to Y= 7. What are the equilibrium price and quantity now

Reference no: EM131988196

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