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QUESTION I ( With the help of a diagram(s), explain the three stages of production in the short run and pi. reasons why stage I

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QUESTION I ( With the help of a diagram(s), explain the three stages of production in the short run and pi. reasons why stage I and III are uneconomical stages. (10 Marks) (b) Suppose the demand and supply functions for sowbolobo are stated as follows: Q - 128 +9P - 0 and () + 32 - 7P - 0 Where O' is quantity demanded, Q' is quantity supplied and p is price. (i) Calculate the equilibrium price and quantity for the product (5 Marks) (11) Assume a subsidy of GHeS is introduced on the product, what will be the new equilibrium price and quantity

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