QUESTION 37 Assume the following demand and supply equations of a popular product sold in a monopolitically competitive market: Qd: 10 - 2p Qs: 7+ 8p (a). What is the equilibrium price and the equilibrium quantity? (b). Now assume a firm decides to charge a price of 1.5. What will be the new price and new quantity? Show your work in this space. DO NOT COPY/PASTE OR DO NOT LEAVE THE TEST BEFORE SAVING YOUR WORK. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BIUS Paragraph Arial 14px V A V E E E E X2 X2 IT The ABC V EX: T O