The variable, I, represents the average income of buyers - an important determinant of demand (because when income rises, we buy more). Assume that average income equals $30 thousand (I=30). 1.In the market, what is the equilibrium price and quantity of widgets (assuming I=30)? 2. If the economy suffered a severe recession and average income fell to$23.4 thousand (I=23.5), what is the new equilibrium price and quantity of widgets in the market?