$Q _ { d } = 100 - 5 P + 0.004 M - 5 P _ { R }$ ,where P is the price of good X, M is income, and $P _ { R }$ is the price of a related good, R.
-If Income is $100,000, the price of the related good is $20, and the supply function is Q_s = 150 + 5P. What is the equilibrium price?

Question

Q _ { d } = 100 - 5 P + 0.004 M - 5 P _ { R }

,where P is the price of good X, M is income, and

P _ { R }

is the price of a related good, R.
-If Income is $100,000, the price of the related good is $20, and the supply function is Q_s = 150 + 5P. What is the equilibrium price?

Quizplus · Accepted Answer

The Answer of $Q _ { d } = 100 - 5 P + 0.004 M - 5 P _ { R }$ ,where P is the price of good X, M is income, and $P _ { R }$ is the price of a related good, R. -If Income is $100,000, the price of the related good is $20, and the supply function is Q_s = 150 + 5P. What is the equilibrium price?

Qd=100−5P+0.004M−5PRQ _ { d } = 100 - 5 P + 0.004 M - 5 P _ { R }Qd​=100−5P+0.004M−5PR​

$Q _ { d } = 100 - 5 P + 0.004 M - 5 P _ { R }$