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The demand and supply functions of grapefruit are Qd = 450 - 6P and Qs = 50 + 2P respectively. P = Price (RM) Qd
The demand and supply functions of grapefruit are Qd = 450 - 6P and Qs = 50 + 2P respectively.
P = Price (RM)
Qd = Quantity demanded (Kg)
Qs = Quantity supplied (Kg)
a) Calculate the equilibrium price and quantity for the market of grapefruit. b) Numerically describe the following cases: (i) The price change to RM60 (ii) The price change to RM20
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