Consider a market for fish whose market demand and market supply for fish is specified as Qd = 300 ? 2.5P and Qs = ? 20 + 1.5P, respectively. The equilibrium price and quantity is:

If Sam has $60.00 each week to spend on gasoline and coffee, and their respective prices are $1.50 per gallon and $3.00 per pound, which of the following equations represents his budget line?

A) $60.00 = $1.50/Qg + $3.00/Qc B) $60.00 = Qg /$1.50 + Qc /$3.00 C) $60.00 = $1.50(Qg) + $3.00(Qc) D) $60.00 = $1.50(Qg) - $3.00(Qc)

If a consumer's income increases and if all goods are normal goods, explain how the quantity bought of each good changes

What will be an ideal response?