Answer to Question #139760 in Microeconomics for lana

Question

Price (£) Quantity demanded (millions per year) Quantity supplied (millions per year)
16 140 20
32 120 60
48 100 100
64 80 140
80 60 180
(e) If income rises and demand, as a result, rises by 20 million units at each level, what will be the new equilibrium price?

Answer 1

$$Q_D=Q_S =100$$

$$p=48$$