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microeconomics QUESTION 3 Price (RM) Demand Supply 30 a) 60 90 120 150 i. Sketch the demand curve and supply curve. (3 marks) ii. Describe

microeconomics

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QUESTION 3 Price (RM) Demand Supply 30 a) 60 90 120 150 i. Sketch the demand curve and supply curve. (3 marks) ii. Describe the situation in the market when the price is at RM1 and RM4. 3) b) The function for demand and supply are as follow: Qi = 2200 - 200P Qz = 800 + 500P P is price and Q is quantity. Calculate the equilibrium of price and quantity (4)

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