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N5 1) Suppose the following equations represent the market widgets. Assume standard relationships for supply & demand. Od is quantity demand, Os is quantity supplied,

N5

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1) Suppose the following equations represent the market widgets. Assume standard relationships for supply & demand. Od is quantity demand, Os is quantity supplied, P is price, Y is income, and A is technology. Qa = 300 - 5P + 8Y Qs = 200 + 5P + 25A a) Assuming that Y = 10 and A = 2, solve for the equilibrium quantity and price in this market. b Briefly explain in this model is Y an endogenous variable, an exogenous variable or a parameter

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