Answer to Question #48179 in Microeconomics for simon

Question

The table b
elow shows the demand and supply schedules for a product.
Price (Sh. Per
Kg.)
Demand
(Kg)
Supply
(Kg.)
10
100
20
20
85
36
30
70
52
40
55
68
50
40
84
60
25
100
70
10
116
Required:
Derive the demand and supply curves and determine the equilibrium price and quantity
(6 marks)
d)
Given that:
Q
X
= 3
–
½ P
2
Q
Y
= 4P + ½ P

Answer 1

The table below shows the demand and supply schedules for a product.
P Qd Qs
10 100 20
20 85 36
30 70 52
40 55 68
50 40 84
60 25 100
70 10 116