What are the equilibrium price and quantity in this market

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Assume the demand function for scooters is given by QD = 20,000 – 10P + 0.2I, where P = price of a scooter, and I = average income of consumers. Also, assume the supply function of scooters is given by QS = 20 P. If the market for scooters is perfectly competitive, and the average income of consumers is $20,000, what are the equilibrium price and quantity in this market?

Reference no: EM13735793

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