Answer to Question #85378 in Microeconomics for Gloria Noella

Question

Suppose the following functions describe the market for commodity X
Q=368-7P
Q=-52+13P
With reasons identify the demand and supply function. (2 marks)
Determine the equilibrium price and quantity. Represent your answer on the Cartesian plane (4marks)
With the help of a well labelled diagram show how the scenario would be if the prevailing price were
KES28 (2 marks)
KES7

Answer 1

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