Suppose the market supply for Good X is given by
QXS = -100 + 5PX. Compute and
illustrate with completely labelled diagram the producer surplus if
the equilibrium price of X is $100 per unit (show the relevant
calculation).
The daily market demand and supply for chicken in Kuala Lumpur
is given by:
Qd= 16,000 – 1,000P
Qs= 2,000 + 1,000P
The quantity and price are measured in
tonnes and RM, respectively.
Determine the equilibrium quantity and price in the...