Verify in your diagram and using calculus that this market supply schedule obeys the law of

Verify in your diagram and using calculus that this market supply schedule obeys the law of

supply.(5 points)

Part Four: Market Equilibrium

5. Using the market demand and supply functions from questions 3 and 4 (respectively); find the equilibrium price and quantity traded when N=10 and I=10. Show your work. (5 points)

6. Suppose consumer income decreases to I=5; find the new equilibrium price and quantity traded. Show your work.(5 points)

7. In a well-labeled diagram, illustrate the effect on market price and quantity of a decrease in consumer income on the market for oranges (i.e., the scenario in questions 5&6, above).

However, you do not need to label any intercepts or slopes, just the original and new equilibrium prices and quantities.(5 points)

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