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The following data shows the demand and supply for commodity X, Qd=960-80P Qs=-400+240P a) Explain to a layman what the above equations means. b) Calculate: i) The market clearing price. ii) The quantity demanded and quantity supplied at equilibrium. iii] Show this information on a well labelled graph. iv) If supplies raise the price to $10 what is the new quantity supplied and quantity demanded v) What is happening to the market? vi) Using the original data , if consumers demand 100 more units at each and eevry price what is the new demand equation? vii)Using your answer above calculate the new equilibrium price and quantity, clearly depict your answer in a diagram. viii} What factors could have caused the shift of the demand curve?. C) Using a diagram explain allocative efficiency
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