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Suppose the demand curve for a product is given by: Q equals 200 - 2P + 4I, where I is average income measured in thousands
Suppose the demand curve for a product is given by:
Q equals 200 - 2P + 4I,
where I is average income measured in thousands of dollars. The supply curve is:
Q = 3P-100.
If I = 0, find the market-clearing price and quantity for the product.
The market-clearing price is ? and the market-clearing quantity is?
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