Textile companies have to face the following market conditions:

Qd = 50 - 3P

Qs = 7P - 20

Question:

a. Write down the supply equation for the textile company, and what will happen to the quantity supplied if the market price offered is Rp4/unit?

b. Write down the equation for the demand for the textile company, and what will happen to the quantity demanded if the price that consumers want to ask is Rp5/unit?

c. What is the price and quantity of the good at market equilibrium?