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1) The demand and supply functions for hockey sticks are given by QD = 100-2P Q5 = -20 + 4P a). Plot the demand curve,
1) The demand and supply functions for hockey sticks are given by QD = 100-2P Q5 = -20 + 4P a). Plot the demand curve, the supply curve on the same graph. Label the axis as well as the point clearly. (5 marks) b). What is the slope of the demand curve? Show your calculation steps. (5 marks) c). What is the slope of the supply curve? Show your calculation steps. (5 marks) b). Determine the equilibrium price and quantity of hockey sticks. (10 marks)
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