Question

The following are the demand and supply equations of market for fish.& & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & p=600-3q^d& & & & & & & & & & & & & & p= -50 - 2q^s& (i) Determine the equilibrium price and quantity that would prevail in this market.& & & & (ii) Develop the excess demand equation of this market.& & & & (05 marks)& (iii) If government decides to establish a maximum price of Rs. 180 in this market, using your& excess demand equation determine the excess demand/supply in this market.& & & (iv) What machinery that you would propose the government to stabilize the above& maximum price in this market.& & & & & & & & & & (v) Who would be benefitted of this decision of the government?&

Answer 1

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