Due to the recession that lowered income the market price, Business Economics

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Due to the recession that lowered income the market price

Due to the recession that lowered income, the market price of good X got lower. For good X, we assume that Qd(P) = 1000 − P +Y/20 , and Qs(P) = 2P −Y/20 , where Y is the income, and P is the price of good X. (a) Derive the equilibrium price P ∗in terms of Y . (b) Use your answer at (a) to show the effect of income on equilibrium price, that is, find dP/dY

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Business Economics: Due to the recession that lowered income the market price

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