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Question 2: (25 points) Suppose that the supply and demand equations for a chocolate product are: 6 P = 100 9 +4 is supply equation
Question 2: (25 points) Suppose that the supply and demand equations for a chocolate product are: 6 P = 100 9 +4 is supply equation for a manufacturer p =- 1809 +10 is the demand equation (Where q represents number of the units and p represents price per unit in Kuwaiti dinars) (a) At what price supplier will produce 80 units (5 points) (b) For p =6 KD calculate the quantity demanded (5 points) (c) For p = 16 KD calculate the quantity supplied (5 points) 1 (d) Determine the equilibrium point (10 points)
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