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What will be the new equilibrium quantity

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The supply of a good is known to be Q = 1000P - 15,000. The demand is (partially) known to be Q = -500P - aI + 41,250. Currently the Income (I) Elasticity is thought to be -0.75, I is known to be $60000 and the equilibrium quantity is known to be 15,000 units. What will be the new equilibrium quantity if Incomes fall to $50000?

Reference no: EM132240672

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