I demand is represented by qd 50 - 05p 0005i where i , Business Economics

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I demand is represented by qd 50 - 05p 0005i where i

If demand is represented by Qd = 50 - 0.5P + 0.005I where I = $50,000 and supply is represented by Qs = 100 + 0.4P -2W where wages (W) = $15.00, compute the equilibrium price and quantity. What happens if income falls to I = $40,000? Please show all work.

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Business Economics: I demand is represented by qd 50 - 05p 0005i where i

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