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Demand and supply functions for good Z are p=80-q and p=20+2q, respectively. (a) Find the equilibrium price and quantity for good Z. (b) What happens

Demand and supply functions for good Z are p=80-q and p=20+2q, respectively. (a) Find the equilibrium price and quantity for good Z.

(b) What happens at the price of RM70? Explain your answer.

(c) If quantity supplied increases by 5 units at each price level, find the new equilibrium price and quantity.

(d) Give TWO factors that could cause supply to increase.

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