1. Textile companies have to face the following market conditions:

Qd = 50 - 3P

Qs = 7P - 20

Question:

a. Write down the supply equation for the textile company, and what will happen to the quantity supplied if the market price offered is Rp 4/unit?

b. Write down the equation for the demand for the textile company, and what will happen to the quantity demanded if the price that consumers want to ask is Rp. 5/unit?

c. What is the price and quantity of the good at market equilibrium?

d. What is the elasticity of demand for these textile products?

2. According to your analysis, what is the reality of the market balance during the pandemic and its current changes? Give an example of the commodity being analyzed!