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Answer the questions following this table: Each question carries one mark. Price D 1 D 2 S 1 S 2 $22 A 8 18 13

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Answer the questions following this table: Each question carries one mark. Price D 1 D 2 S 1 S 2 $22 A 8 18 13 $18 7 11 16 11 $14 9 14 14 9 $10 12 17 12 7 $6 15 20 10 5 $2 17 23 8 3 Q.1) Suppose the demand schedule for Product A changes from D2 to D, because the price of a related product, Product B, increases. Based on this, these two products are Q.2) If D, and S, represent the demand and supply schedules in a particular market, then what are the equilibrium price and quantity in that market? Q.3) If D2 and S, represent the demand and supply schedules in a particular market, then what are the equilibrium price and quantity in that market? Q.4) Suppose that D, and S, are the prevailing demand and supply curves for a product. What is the new equilibrium price and quantity if the supply schedule changes from S, to S2? Q.5) Suppose the demand schedule for Product A changes from D, to D2 because the price of a related product, Product B, increases. Based on this, these two products are 1 A * B E

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