E! a t 9' iii-ELAMSW 19:51 6 Practical 2022.p... IQ I.'+ Thursday, 12 May 2022 7.) Assume a linear demand function of the form: Qd = 120 - 5P and a linear supply curve of the form: Qs = -30 + lOP Using these demand and supply functions, answer the following questions. a) Calculate the quantities demanded and supplied for prices from $3 - 1515. b) Plot these gures to give the demand and supply curves for the product. c) Using simultaneous equations, calculate the equilibrium price and output. 8.) Refer to the supply and demand curves illustrated below for the following three questions. Consider the introduction of a N$20 per unit tax in this market. N$ a) Which areas represent the loss to consumer and producer surplus as a result of this tax? Which areas represent the gain in government revenue as a result of this tax? c) Which areas represent the deadweight loss associated with this tax? 9.) Given the following table of sh farming costs: Calculate the following: (i) Fixed cost (ii) Average cost of production (iii) Variable cost per unit ( iv) Marginal cost Page 3 01 8