Do HomeworkAlex Tunberg x CSecure httpswwwmathxlcomStudentP

Do Homework-Alex Tunberg x CSecure | https://www.mathxl.com/Student/PlayerHome 487102014&questic; x?homeworkld- ECON 300 SS118 101 Homework: Chapter 2 Homework Score: 0 of 1 pt 6of11(5complete) ? Concept Question 3.5 Given the following demand and supply functions: Supply: Qs -14+ 1p Demand: Qd 94.-3p+ 0.02Y, where Y Consumer income per month Solve for the following given consumer income is $4,000/mo. Equilibrium Price (round your calculation to the nearest penny)

Solution

At Equilibrium Quantity demanded = Quantity Supplied.

Qd=Qs

94-3p+0.02(4000) = 14+1p

94-3p+80 = 14+1p

94+80-14=1p+3p

Or,P = 160/4

= $40