Question 1  Suppose that the demand for toy drums is described by the equation QD = 300 - 5p, and supply is QS = 60 + 3p, (1) What are the equilibrium price and quantity?  (2) If a decrease in consumer income shifted the demand curve to QD’ = 220 - 5p, how does this change affect the equilibrium price and quantity? Show the solutions using a graph and calculate the numerical answer.

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