In a particular geographical area, the demand function for each personifor a particular goodisqdi= 100 + 0.2Ii−9Pwhereqdiis quantity demanded for personi, Iiis personi’s income, andPis the commodity’sprice. (Note thatPis constant across individuals, since all individuals face the same price. Therefore noisubscript is needed.) For the firms in this area the supply function for thisgood isqsj=−50 + 20Pwhereqsjis the quantity supplied of the good by firmj. (Note that a different subscript isneeded. Why?) There are 5 firms and 100 consumers. Total income of the consumers is$100,000. Equilibrium occurs wher