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Question # 4: Price per Ice-cream (Rs.)Demand for Ice cream (Qd)Supply for Ice cream (Qs) 1405001500 1207501200 10010001000 801250750 601500600 401750300 (i)Draw the market equilibrium

Question # 4:

Price per Ice-cream (Rs.)Demand for Ice cream (Qd)Supply for Ice cream (Qs)

1405001500

1207501200

10010001000

801250750

601500600

401750300

(i)Draw the market equilibrium for Ice cream.

(ii)Find out equilibrium price and quantity.

(iii)Is there surplus or shortage in the market at price Rs.40? At price Rs.120?

(iv)What is the maximum price that consumer is willing to pay for 1500 bottles?

(v)What is the minimum price that producer is willing to accept for 1500 bottles?

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