A.) The market for guns is in equilibrium. What happens to equilibrium price and

Question

A.) The market for guns is in equilibrium. What happens to equilibrium price and quantity if consumer incomes fall and the minimum wage is increased? (Pick one) P* rises, falls, is not affected cant tell Q* rises falls is not affected cant tell B.) The market supply and demand function for good X are shown below: X^s=S(P,W)=30P-W X^d=D(P,Y) =6Y/P Where p=price, x=quantity, W= labor cost, y= consumer total income. 1.) find the explicit function for equilibrium price P*=p(w,y)= I will give perfect scores for explained answers thank you!

Explanation / Answer

A)falls cant tell B)30P-W=6Y/P 30P^2 =6Y+WP 30p^2-wp-6y=0

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