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Confused????? Consider the market for wireless headphones using the graph below. Price 50 40 Supply 30 20 10 Demand 100 200 300 400 500 Quantity

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Consider the market for wireless headphones using the graph below. Price 50 40 Supply 30 20 10 Demand 100 200 300 400 500 Quantity 1. What is the equilibrium price and quantity in this market? 2. Calculate the producer and consumer surplus in this market. 3. If consumer income increased and this is a normal good, what will happen to the equilibrium price and quantity? (explain generally not specific numbers)

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