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In the market for good X, demand is Q = 6,000 0.811 and supply is Q5 = 0.413 300. Suppose that an increase in consumer
In the market for good X, demand is Q\" = 6,000 0.811 and supply is Q5 = 0.413 300. Suppose that an increase in consumer income makes consumers willing to pay $500 more per unit of good X. Also, a technological breakthrough in production makes rms willing to sell good X for $250 less per unit. What is the new equilibrium price? 0 $2,000 0 $5,500 0 $4,300 0 $1,200
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