The market for Covid-19 Personal Protection Equipment (PPE) is characterised by the following equations Qd = 15 –  1/5 P and Qs = -1 + 3/5 P . (a) Calculate the equilibrium price and quantity of PPE products  (b) Suppose a warehouse of PPE caught fire and burn down. Simultaneously, a deadly variant had been discovered in South Africa. Explain, using a diagram how these changes will affect the equilibrium price and quantity of PPEs.

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Q: equilibrium

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A: Answer to the question is as under:

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A: Equilibrium is considered as the state of no change.

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A:

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A: Note: There are multiple sub parts of the question. Therefore, we shall answer only the first three…

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Q: (c) The demand for watches is given by p = 7000 -2q dollars, and the supply of watches is given by p…

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Equilibrium Price and Quantity

Equilibrium refers to a state of balance that comes about because there is equality in all forces.