Q = 20 - 2P + 001I
Q = 13 + 2P - 1W
Where P is price of the product I is the income and W represents weekly wages. If income (I) is $45,000 in our economy and weekly wages (W) are $100 per week
What are the demand and supply curves for this economy? Calculate the equilbrium price and quantity and calculate surplus /shortage at price of $24.22 and $20?
What would be the total revenue for the supplier at the equilbrium?