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What is the market equilibrium price

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Reference no: EM132587619

The market demand curve is Qd=450-5P+0.50Y, where Y is income in thousands of dollars and P is price. The market supply curve is Qs=5P. Assume that income is $100,000 (i.e. Y=100).

What is the market equilibrium price?

What is the market equilibrium quantity?

What is the point price elasticity of demand from the equation above when price is $80?

Is this an inferior or normal good?

Reference no: EM132587619

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