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Draw the demand and supply curves on a graph

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Reference no: EM133080798

(a) The weekly demand (Qd) and supply (Qs) functions for a good X are given by:-

Qd = 1000 - 5p

Qs = -400 + 15p, where P = Price per unit (R)

(i) Draw the demand and supply curves on a graph and find the equilibrium price and quantity.

(ii) If the demand function changes to 1200 - 5P, show the changes to part (i) above.

(iii) Suppose a subsidy of R40 per unit is subsequently granted to producers of good X. Determine the new equilibrium price and quantity.

Reference no: EM133080798

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