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1. Suppose that The demand function for good x is g = 968 _ 7pc?- The supply function of good x is q = 95
1. Suppose that The demand function for good x is g = 968 _ 7pc?- The supply function of good x is q = 95 _ 1890 where Pd is the price paid by consumers, P0 is the price charged by the bidders a. Determine the equilibrium price. b. Determine the equilibrium quantity. 0. Attach the calculations to determine the equilibrium price. d. Attach the calculations to determine the equilibrium quantity. e. On a graph, represent the demand curve and the supply curve. Now suppose that a factor (other than price) affects the supply curve. The supply function of good x is q = 95 _ 3590 The demand function remains constant a. Determine the new equilibrium price. b. Determine the new equilibrium quantity. 0. Attach calculations to finish the new equilibrium price. d. Attach calculations to finish the new equilibrium quantity
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