Answer Happy

= = Market demand is given as Qd = 80 – 2P. Market supply is given as Qs = 2P. In a perfectly competitive equilibrium, what will be price and quantity traded in the market? A. price will be $20 and quantity will be 10 B. price will be $20 and quantity will be 40 C. price will be $40 and quantity will be 20 D. price will be $10 and quantity will be 20
Last year, Ravi bought six pairs of shoes when his income was $60,000. This year, his income is $70,000 and he purchased 10 pairs of shoes. All else constant, what can we determine about Ravi? A. He considers shoes to be a normal good. B. He has a price-inelastic demand for shoes. C. He has a price elastic demand for shoes. D. He considers shoes to be an inferior good.