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Use the Following General Linear Demand Relation to Answer Questions

Question 3

Multiple Choice

Use the following general linear demand relation to answer questions 9 through 13:
Use the following general linear demand relation to answer questions 9 through 13:     where M is income and   is the price of a related good, R. -If M = $15,000 and   = $20 and the supply function is   , equilibrium price and quantity are, respectively, A)  P = $55 and Q = 195. B)  P = $6 and Q = 38. C)  P = $12 and Q = 200. D)  P = $50 and Q = 170. E)  P = $40 and Q = 250.
where M is income and Use the following general linear demand relation to answer questions 9 through 13:     where M is income and   is the price of a related good, R. -If M = $15,000 and   = $20 and the supply function is   , equilibrium price and quantity are, respectively, A)  P = $55 and Q = 195. B)  P = $6 and Q = 38. C)  P = $12 and Q = 200. D)  P = $50 and Q = 170. E)  P = $40 and Q = 250. is the price of a related good, R.
-If M = $15,000 and Use the following general linear demand relation to answer questions 9 through 13:     where M is income and   is the price of a related good, R. -If M = $15,000 and   = $20 and the supply function is   , equilibrium price and quantity are, respectively, A)  P = $55 and Q = 195. B)  P = $6 and Q = 38. C)  P = $12 and Q = 200. D)  P = $50 and Q = 170. E)  P = $40 and Q = 250. = $20 and the supply function is Use the following general linear demand relation to answer questions 9 through 13:     where M is income and   is the price of a related good, R. -If M = $15,000 and   = $20 and the supply function is   , equilibrium price and quantity are, respectively, A)  P = $55 and Q = 195. B)  P = $6 and Q = 38. C)  P = $12 and Q = 200. D)  P = $50 and Q = 170. E)  P = $40 and Q = 250. , equilibrium price and quantity are, respectively,


A) P = $55 and Q = 195.
B) P = $6 and Q = 38.
C) P = $12 and Q = 200.
D) P = $50 and Q = 170.
E) P = $40 and Q = 250.

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