The demand for product X depends on the price of product X as well as the average household income (Y) according to the following relationshipQdx = 600 - 20 P + 0.001Y The supply of product X is positively related to own price of product X and negatively dependent upon W, the price of some input. This relationship is expressed as:Qsx = 90 + 45 P - 5 W

Given that Y = 50,000 and W = 9, what is the:

1. Equilibrium price and equilibrium quantity?

2. Suppose that income increases to 60,000 and W remains constant. What is the new:

equilibrium price and equilibrium quantity

3. Assuming that income remains constant at 60,000 and W increases to 14, what is the new:

equilibrium price and equilibrium quantity