- Considering That Quantity Demanded And Quantity Supplied Are Dependent Functions Of Price It Can Be Seen Below Q D 1 (20.19 KiB) Viewed 18 times
Considering that quantity demanded and quantity supplied are dependent functions of price. It can be seen below: Q(d) = -4p + 48 Q(s) = 10p-8 Determine: a) The equilibrium price. b) The equilibrium quantity. c) On a diagram, sketch the supply and demand curves. (15 marks) (30 marks) d) Supposing that p = 1. Calculate the surplus or shortage. Explain your results, in your own words to support your analysis. (20 marks) e) Supposing that p = 10. Calculate the surplus or shortage. Explain your results, in your own words to support your analysis. (20 marks) Note: All analyses must be performed using the demand and supply equations.