Explain why the market for wool would not be in equilibrium

Question

Problem

Suppose the supply curve for wool is given by Q_s = P, where Qs is the quantity offered for sale when the price is P. Also suppose the demand curve for wool is given by Q_d = 10 - P+ I, where Q_d is the quantity of wool demanded when the price is P and the level of income is I. Assume I is an exogenous variable.

a) Suppose the level of income is I = 20. Graph the supply and demand relationships, and indicate the equilibrium levels of price and quantity on your graph.

b) Explain why the market for wool would not be in equilibrium if the price of wool were 18.

c) Explain why the market for wool would not be in equilibrium if the price of wool were 14.

The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.