Economics 9708 · AS & A Level · Income elasticity of demand

Income elasticity of demand — practice question

For a good, the market demand equation is Qd = 310 - 20p and the supply equation is Qs = 10 + 10p, where p represents the price of the good. What is the equilibrium price?

  • A5
  • B10
  • C15
  • D20

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