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Question on Math Economics Problem plz go through step by step so I can understand please, thank you: Given the single-commodity market: Q D =
Question on Math Economics Problem plz go through step by step so I can understand please, thank you:
Given the single-commodity market:
QD= QSwhere D/P < 0; D/Y0 > 0; S/P > 0
QD= D (P, Y0) -- quantity demanded is a function of price (P) and exogenous income (Y)
QS= S(P)-- quantity supplied is a function of price alone
Find the comparative-static analysis of a change of exogenous income on equilibrium price and discuss the economic interpretation.
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