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Equilibrium price-quantity as functions of consumer income

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Reference no: EM13996458

The supply and demand for wheat are given by   QS= 20 + 100p QD = 4000 - 100p +10Y Where Y is the average consumer income.

a. Solve for the equilibrium price and quantity as functions of the consumer income.

b. Compute the derivative of quantity demand with respect to changes in average consumer income.

c. Compute the derivatives of the equilibrium price and quantity with respect to income.

Please show work step by step!

Reference no: EM13996458

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