Assuming there are 150 households and 5 suppliers in the district. Determine the market demand and market supply for each price level.

a} Assuming there are 150 households and 5 suppliers in the district. Determine the market demand and market supply for each price level. {3 marks} b} Determine the equilibrium price and equilibrium quantity based on your answer in {a}. (1 marks} o] If a minimum price is set by the government at RME.IJIJ,wiII there be a shortage or surplus of herbal drink? Justify your answer. Prioe oors preyenta price from falling below a certain level. When a price oor is set above the equilibrium prioe, quantity supplied will exceed quantity demanded, and excess supply or surpluseswill result. {2 marks} d] Calculate the price elasticity of demand for herbal drink, if the price increases from Rllll5 to Rllll