1. Suppose the demand curve for a product is given by Q = 300 2P +...
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1. Suppose the demand curve for a product is given by Q = 300 − 2P + 4I, where I is average income measured in thousands of dollars. The supply curve is Q = 3P − 50.
a. If I = 25, find the market-clearing price and quantity for the product.
b. If I = 50, find the market-clearing price and quantity for the product.
c. Draw a graph to illustrate your answers.
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