he demand and supply function for chocolate are as below: Qd= 45-4p Qs= -15+2p a) Calculate the equilibrium price and the equilibrium quantity and plot a graph? b) If the goverment impose a maximum price of RM 5, what happens to the market? c) If the goverment mandate a minimum price of RM 12, what happens to the market?
he demand and supply function for chocolate are as below: Qd= 45-4p Qs= -15+2p a) Calculate the equilibrium price and the equilibrium quantity and plot a graph? b) If the goverment impose a maximum price of RM 5, what happens to the market? c) If the goverment mandate a minimum price of RM 12, what happens to the market?
Chapter4: Markets In Action
Section: Chapter Questions
Problem 6SQ
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Question
4.the
Qd= 45-4p
Qs= -15+2p
a) Calculate the
b) If the goverment impose a maximum price of RM 5, what happens to the market?
c) If the goverment mandate a minimum price of RM 12, what happens to the market?
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