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If the Market Supply of a 4 GB flash drives is given as: Q = 500 + 30P And the Market Demand for 4 GB
If the Market Supply of a 4 GB flash drives is given as: Q = 500 + 30P And the Market Demand for 4 GB flash drives is given as: Q = 1250 - 40P + 0.05M *Note M = Income a. What is the equilibrium price and quantity of flash drives if average income (M) is equal to $20,000? b. What happens to the Equilibrium Market Quantity when average income (M) increases to $41,000? c. What type of good is this? (i.e. Is it normal/inferior/complement/substitute good?)
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