Given the demand and supply equations: 2" = s – kP, - jM, Q̟ =-h+b P, + 2 W where M represent income and W represents the wage rate: • Calculate the impact of a change in income on the equilibrium price and quantity. • Will this impact be larger or smaller if the value of k is decreased? Draw diagram(s) indicating all results. Q.4
Given the demand and supply equations: 2" = s – kP, - jM, Q̟ =-h+b P, + 2 W where M represent income and W represents the wage rate: • Calculate the impact of a change in income on the equilibrium price and quantity. • Will this impact be larger or smaller if the value of k is decreased? Draw diagram(s) indicating all results. Q.4
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