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Qd=400100P+0.05INCOME, Where Qd is the tons of pork demanded in your city per week, P is the price of a pound of pork, and INCOME

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Qd=400100P+0.05INCOME, Where Qd is the tons of pork demanded in your city per week, P is the price of a pound of pork, and INCOME is the average household income in the city. The supply function for pork is: Q5=250+150P30COST, Where Qs is the tons of pork supplied in your city per week, P is the price of a pound of pork, and COST is the cost of pig food Suppose INCOME is $50,000 and COST is $5. In this case, the equilibrium price of pork would be S and the equilibrium quantity of pork would be tons. (Round your answer for the price to two decimal places) Suppose INCOME falls to $40,000 and COST does not change. The new equilibrium price of pork would be : and the new equilibrium quantity of pork would be tons. (Round your answer for the price to two decimal places.) Suppose INCOME is $50,000 and COST rises to $10. The new equilibrium price of pork would be $ and the new equilibrium quantity of pork would be tons. (Round your answer for the price to two decimal places.) Suppose INCOME falls to $40,000 and COST rises to $10. The new equilibrium price of pork would be and the new equilibrium quantity of pork would be tons. (Round your answer for the price to two decimal places.)

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