Question: Question 20 (4 points) Suppose that the demand and supply functions for good x are given as follows: Of = 120 - 2P, + 1

Question 20 (4 points) Suppose that the demand and supply functions for good x are given as follows: Of = 120 - 2P, + 1 + P and OF = -30+ P, - 2t+s -2f where Px denotes the price of good x, P, denotes the price of a related product y, I denotes income, t denotes tax firms face, s denotes subsidy and f denotes factor prices. What is the equilibrium price of good x as a function of exogenous variables P, I, t, s and f? O peab I+Py+2t-s+2f x = 50 + 3 1-Py+2t-s+21 x O peab = 40+ 3 O peab = 50+ I-Py+2t-s-2f 3 O peab = 40 + I+Py+2t-s+2f 3

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