Suppose the demand and supply equations for rice per year in Ghana can be specified as follows: QD = 500 2P .. (1) QS = 100 + 4P (2) where P is the price in cedis per thousand of bushels and Q is the quantity of rice per thousand of bushel. (a) Determine the equilibrium price and quantity. (2 marks) (b) Explain why the price variable in equation (1) inversely related to the quantity? (2 marks) (c) With the aid of appropriate and well labelled diagrams for each case, explain how the following changes will affect the market price of bread (assuming that the market is initially in equilibrium) i. An increase in the price of flour (2 marks) ii. A discovery of a new cheaper way of baking bread (2 marks) iii. An increase in the price of beverages (2 marks) iv. A change in taste in favour of bread consumption (2 marks)