let the original demand and supply functions be as follows q 2 2 p q 4
Let the Original Demand and Supply Functions be as follows:Q°, = -2 + 2(p) Q°. = 4 - (p)
1. Find the original equilibrium (i) algebraically, (ii) in a table, and (iii) draw in a graph
2. Let the new supply function be Q', = -5 + 2(p). Arrive at the equilibrium with the new supply function and original demand for (i), (ii), and (iii) as in #1.
3. Let the new demand function be Q', = 7- (p). Arrive at the equilibrium with the new demand function and original supply for (i), (ii), and (iii) as in #1.
4. Arrive at the equilibrium with the new demand function and new supply for (i), (ii), and (iii) as in #1.
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