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

question 69

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.Income is $100,000,the price of the related good is $20,and the supply function is Q_s = 150 + 5P.What is the equilibrium price?

• A)$30
• B)$25
• C)$40
• D)$35
• E)$50

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