Question: 5) Given the following: solve for equilibrium price and quantity. QD = 150 - 7P Qs = 50 + 3P a) solve for AND DEPICT

5) Given the following: solve for equilibrium price and quantity. QD

5) Given the following: solve for equilibrium price and quantity. QD = 150 - 7P Qs = 50 + 3P a) solve for AND DEPICT equilibrium price and quantity. Assume that income increased yielding a Aw demand curve Qp = 200 - 7P. b) Depict and solve for the new equilibrium. c) Is this a normal good or an inferior good

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