Total revenue for the supplier at the equilbrium

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Reference no: EM13898520

Q = 20 - 2P + 001I

Q = 13 + 2P - 1W

Where P is price of the product I is the income and W represents weekly wages. If income (I) is $45,000 in our economy and weekly wages (W) are $100 per week

What are the demand and supply curves for this economy? Calculate the equilbrium price and quantity and calculate surplus /shortage at price of $24.22 and $20?

What would be the total revenue for the supplier at the equilbrium?

Reference no: EM13898520

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