Use the Following General Linear Demand Relation $Q _ { d } = 100 - 5 P + 0.004 M - 5 P _ { R }$

question 61

Multiple Choice

Use the following general linear demand relation: $Q _ { d } = 100 - 5 P + 0.004 M - 5 P _ { R }$ where P is the price of good X,M is income,and $P _ { R}$ is the price of a related good,R.If M = $50,000 and $P _ { R }$ = $10 and the supply function is $Q _ { 5 } = 150 + 5 P$ ,market price and output are,respectively,

• A)P = $12 and Q = 150.
• B)P = $10 and Q = 200.
• C)P = $12 and Q = 200.
• D)P = $15 and Q = 175.
• E)P = $15 and Q = 225.

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