Suppose Demand Is Given By $\mathrm { Q } ^ { \mathrm { d } } = 400 - 15 \mathrm { P } + \mathrm { I }$

question 4

Multiple Choice

Suppose demand is given by $\mathrm { Q } ^ { \mathrm { d } } = 400 - 15 \mathrm { P } + \mathrm { I }$ , where $\mathrm { Q } ^ { \mathrm { d } }$ is quantity demanded, $\mathrm { P }$ is price and $\mathrm { I }$ is income. Supply is given by $Q ^ { s } = 5 P$ , where $Q ^ { s }$ is quantity supplied. When $I = 200$ , equilibrium price is

• A) 15
• B) 20
• C) 25
• D) 30

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Officially sanctioned guidelines and procedures that govern behavior within organizations or societies.

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