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Give the following demand and supply equation
Qd =100-5p
Qs =10+5p
Where Qd and Qs represent the quantity demanded and supply respectively and p is the price
a) Determine the equilibrium price and quantity
b) if the government set a minimum price of RM 10 per units ,calculate how many units would be supplied and how many would be demanded.explain the implication.
C) if the government set a maximum price RM5 per units,calculate how many units would be supplied and how many units would be demanded.explain implication.
D) if the demand increase to Qd=200-5,determine the new price quantity
A group of people is offered two scenarios and asked which they would prefer: (A) a 3 percent wage decrease in a world with no inflation.
The report indicates that the current price of decontaminated blood is $80 per pint. However, if the new screening methods are adopted, the demand and supply for decontaminated blood will change to Qd = 175 – P and Qs = 2P – 200.
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