Question 3 Suppose that the demand and supply functions for good Y are: Not yet answered Q, = -17.5 + 10P; O. = 50 - 8P Marked out of (a) What are the equilibrium price and quantity? (5 marks) 1.00 (b) What is the market outcome if price is RM2.75? What do expect to happen? Why? (5 marks) Flag question (c) What is the market outcome if price is RM4.75? What do expect to happen? Why? (5 marks) (d) What happen to equilibrium price and quantity if the demand function becomes Qq = 59-8P? (5 marks) (e) What happen to equilibrium price and quantity if the supply function becomes Qs=-40 + 10P (the demand is Q, = 50 -8P)