Given the demand and supply equations: Q" = s- kP, – jM , Q: =-h+b P, + à W where M represent income and W represents the wage rate: • Calculate the impact of a change in income on the equilibrium...

Extracted text: Given the demand and supply equations: Q" = s- kP, – jM , Q: =-h+b P, + à W where M represent income and W represents the wage rate: • Calculate the impact of a change in income on the equilibrium price and quantity. • Will this impact be larger or smaller if the value of k is decreased? • Draw diagram(s) indicating all results.