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The demand and supply curves of pens in the cily of Nairobi are represented by the following function:- Quantity demanded Qd=204p Quantity supplied Qs =10

The demand and supply curves of pens in the cily of Nairobi are represented by the following function:- Quantity demanded Qd=204p Quantity supplied Qs =10 6p Where p is the price per pen. Required: i. Calculate the equilibrium price and quantity. [4 marks] ii. Examine the effect of a price ceiling set by the authorities at Shs. 2.00/= per pen. [2 marks]

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