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Demand for flower bouquets in a suburban town is described by: QD = 50 - 5P + 2Y, where Q is quantity, P is price

Demand for flower bouquets in a suburban town is described by: QD = 50 - 5P + 2Y, where Q is quantity, P is price per unit, and Y is an index of consumer income. Similarly, supply is described by: QS = -5 + 10P.

a.If Y = 100, what is equilibrium price and output?

b.If Y rises to 122.5, what is the new equilibrium price and output?

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