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?

Economics For Today
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ISBN:9781337613040
Author:Tucker
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Chapter4: Markets In Action
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4.the 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?

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