Use the following general linear demand relation: $Q _ { d } = 680 - 9 P + 0.006 M - 4 P _ { R }$ where M is income and $P _ { R}$ is the price of a related good,R.If M = $15,000 and $P _ {R}$ = $20 and the supply function is $Q _ { 5 } = 30 + 3 p$ ,then,when the price of the good is $60,

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To determine market conditions, we calculate the quantity demanded and supplied at the given price of $60. For the demand, $Q_d = 680 - 9(60) + 0.006(15000) - 4(20) = 680 - 540 + 90 - 80 = 150$. For the supply, $Q_s = 30 + 3(60) = 30 + 180 = 210$. Since $Q_s > Q_d$, there is a surplus of 60 units.

Use the Following General Linear Demand Relation Qd=680−9P+0.006M−4PRQ _ { d } = 680 - 9 P + 0.006 M - 4 P _ { R }Qd​=680−9P+0.006M−4PR​

Use the Following General Linear Demand Relation $Q _ { d } = 680 - 9 P + 0.006 M - 4 P _ { R }$