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QUESTION 2 Explain the rationing functioning function of price in correcting market disequilibria. [5 marks] If the demand curve of a firm is Qd =

QUESTION 2

  1. Explain the rationing functioning function of price in correcting market disequilibria.

[5 marks]

  1. If the demand curve of a firm is Qd = 4200-133p and the supply curve is Q= 2867 + 200P, compute the equilibrium price and quantity.

[6 marks]

  1. Compute and interpret the price elasticity of demand and the price elasticity of supply.

[6 marks]

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